NEW YORK, Oct. 12, 2011 (GLOBE NEWSWIRE) -- 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.
CONTACT: Media Contact:
Frank De Maria, NASDAQ OMX
Vincent Palmiere, NASDAQ OMX