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Markets - USA - Cummins to Repay $250 Million in High-Yield Notes
The Company, too, Repurchase $100 Million in Stock - Executives Also Outline Plans for Continued Profitable Growth
NEW YORK,NY,USA -BUSINESS WIRE -Sept 26, 2005: -- In another move aimed at decreasing its debt and strengthening its balance sheet, Cummins Inc., announced today that it intends to repay $250 million in 9 1/2 percent notes in December 2006, the first call date for the debt. The notes, which were issued in November 2002, will be repaid using cash generated from Cummins operations... The Company also announced today that it will begin to repurchase shares of common stock with the intent to buy back $100 million worth of Cummins stock within two years. This repurchase reflects the Company's commitment to returning value to its shareholders...
posted by Unknown @ 10:50 AM
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