News Source: CNNMoney.com
"Pre-Paid Legal Services, Inc. (NYSE: PPD) announced that we have received additional financing from Bank of Oklahoma for $10 million on an unsecured basis repayable in 12 equal monthly payments beginning June 30, 2008, together with interest at LIBOR plus 165 basis points. The $10 million has been funded and is immediately available to the Company and is in addition to existing debt of approximately $65 million.We will use proceeds from the new financing to fund additional treasury stock purchases as we currently have Board authorization to purchase approximately 798,000 additional treasury shares. Since April 1999, the Company has purchased 13.2 million shares, totaling $385.3 million, or an average cost per share of $29.18 per share. As a result of this aggressive treasury stock purchase program, the Company has reduced shares outstanding by approximately 50% during this time.
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