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Plexus Plans Stock Repurchase

Published: 26 February 2008
 by Staff

NEENAH, WI – Industry reports indicate that contract electronics maker Plexus Corporation said that its board has approved a financial recapitalization, in which it will borrow $150 million to buy back up to $200 million of its common shares.

"Over the last several months we have conducted a comprehensive review of our capital structure, and believe that a moderate amount of debt at the current favorable interest rates strikes the right balance for Plexus," said CFO Ginger Jones in a statement.

The company will pay $100 million to Morgan Stanley to buy back approximately 2.2 million shares, with expectation of buying back another $100 million shares on the open market by the end of 2008.

Plexus reported that it will fund the share repurchase with existing cash and a new long-term debt of $150 million, saying that the recapitalization will add to 2008 earnings per share.
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