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Red Hat Aims To Repurchase Stock With Bond Offering


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Red Hat reported last week that it proposes to sell $700 million in bonds due to mature in 2019, with initial purchasers being given the option to buy an additional $105 million of the company’s bond offerings within 30 days.

The company, which has its research headquarters on Littleton Road, intends to use $400 million to repurchase its own stock as well as provide working capital for general purposes as well as possible acquisitions and strategic transactions.

(W) NetScout Red HatRed Hat has spent $80 million buying back its own stock from investors over the last two fiscal quarters and had no debt along with $1.32 billion in cash and investments at the end of August.

At the time of the announcement, shares of Red Hat’s stock (RHT) began to rise from $56.15 to a peak of $58.14 on Oct. 3 before falling again this week.

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