Waste Connections Announces Stock Repurchase Program

Patricia-Anne Tom

Folsom, Calif. -- Waste Connections Inc.’s Board of Directors has authorized a common stock repurchase program for the repurchase of up to $200 million of common stock over a two-year period. Stock repurchases may be made in the open market or in privately negotiated transactions from time to time at management's discretion. The authorized amount represents approximately 15 percent of the company's outstanding common stock at its current market price. According to CEO Ronald J. Mittelstaedt, "The recent conversion of almost $125 million of convertible notes into equity, combined with our strong operating performance and record free cash flow, has resulted in the company having one of the strongest capital structures in our industry. With this repurchase authorization, we retain the flexibility to fund our growth strategy while maintaining a capital structure we believe appropriate to maximize returns to stockholders."