NASDAQ OMX Announces Program to Repurchase Common Stock
October 12 2011 - 7:02AM
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today that its
Board of Directors has approved a share repurchase program,
authorizing NASDAQ OMX to repurchase in the aggregate up to $300
million of its outstanding common stock. Purchases by NASDAQ OMX
under this program may be made from time to time at prevailing
market prices in open market purchases, privately-negotiated
transactions, block purchase techniques or otherwise, as determined
by NASDAQ OMX's management. The purchases will be funded from
existing cash balances.
Further demonstrating its commitment to paying down existing
debt during the fourth quarter of 2011, NASDAQ OMX intends to make
a $109 million incremental debt prepayment in addition to the $11
million mandatory quarterly payment. Debt payments are expected to
total approximately $120 million in the quarter.
Lee Shavel, NASDAQ OMX's Chief Financial Officer, commented,
"This share repurchase authorization reflects our previously stated
commitment to return excess capital to our shareholders on an
ongoing basis while maintaining prudent leverage levels consistent
with our investment grade status. We expect to continue to deliver
strong returns to shareholders through both return of excess
capital and growth through leverage of our core platform and
services and successful ongoing investment in new initiatives."
This program does not obligate NASDAQ OMX to acquire any
particular amount of common stock. The timing, frequency and amount
of repurchase activity will depend on a variety of factors such as
levels of cash generation from operations, cash requirements for
investment in NASDAQ OMX's business, current stock price, market
conditions and other factors. The share repurchase program may be
suspended, modified or discontinued at any time.
About NASDAQ OMX Group
The NASDAQ OMX Group, Inc. is the world's largest exchange
company. It delivers trading, exchange technology and public
company services across six continents, with more than 3,500 listed
companies. NASDAQ OMX offers multiple capital raising solutions to
companies around the globe, including its U.S. listings market,
NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and
the U.S. 144A sector. The company offers trading across multiple
asset classes including equities, derivatives, debt, commodities,
structured products and exchange-traded funds. NASDAQ OMX
technology supports the operations of over 70 exchanges, clearing
organizations and central securities depositories in more than 50
countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal
entities but describe the common offering from NASDAQ OMX exchanges
in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and
Vilnius. For more information about NASDAQ OMX, visit
http://www.nasdaqomx.com. Please follow NASDAQ OMX on Facebook
(http://www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter
(http://www.twitter.com/nasdaqomx).
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements
that are made under the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to statements about NASDAQ OMX's common stock
repurchase program and other programs, products and offerings. We
caution that these statements are not guarantees of future
performance. Actual results may differ materially from those
expressed or implied in the forward-looking statements.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond NASDAQ OMX's control. These factors
include, but are not limited to factors detailed in NASDAQ OMX's
annual report on Form 10-K, and periodic reports filed with the
U.S. Securities and Exchange Commission. We undertake no obligation
to release any revisions to any forward-looking statements.
NDAQF
CONTACT: Media Contact:
Frank De Maria, NASDAQ OMX
+1.212.231.5183
Frank.DeMaria@NASDAQOMX.Com
Investor Contact:
Vincent Palmiere, NASDAQ OMX
+1.301.978.5242
Vincent.palmiere@nasdaqomx.com
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