PAREXEL International Corporation (Nasdaq: PRXL) announced today that its Board of Directors has approved a stock repurchase program authorizing the repurchase of up to $200 million of the Company's common stock, subject to the consent of the Company's lenders. There is no set expiration date for the program.
The Company intends to use cash on hand, cash generated from operations, existing credit facilities, or other financing to fund the share repurchase program. As of June 30, 2012, the Company had cash and cash equivalents of approximately $214 million, and availability under its existing lines of credit of $175 million.
The program does not obligate the Company to acquire any particular amount of common stock, and it could be modified, extended, suspended or discontinued at any time.