P.F. Chang's China Bistro, Inc. (PFCB) said Wednesday that its Board of Directors has authorized a share repurchase program of up to $100 million of the company's outstanding shares.
Repurchases may be made from time to time at prevailing market prices in the open market or in privately negotiated transactions during the two-year period ending December 15, 2011.
The company said it plans to use cash on hand to repurchase shares under the program.
To facilitate the share repurchase program, the company said it has initiated an amendment of its credit agreement which, prior to the amendment, contained restrictive language which prohibited future share repurchases.
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