McGraw Hill Financial Announces New 50 Million Share Buyback Authorization
NEW YORK, Dec. 4, 2013 /PRNewswire/ -- The Board of Directors of McGraw Hill Financial (NYSE: MHFI) today authorized the company to repurchase up to 50 million shares or approximately 18 percent of the company's outstanding shares.
"Our new share repurchase authorization demonstrates our ongoing commitment to maximizing shareholder value, and underscores the strength of our financial position and the confidence we have in our prospects," said Douglas Peterson, president and chief executive officer of McGraw Hill Financial. "Since the beginning of 2011, we have returned more than $4 billion to shareholders in the form of cash dividend payments and share repurchases."
There are currently less than 1 million shares remaining under the company's 2011 authorization to buy back up to 50 million shares. Under this authorization, the company has repurchased shares at an average price of $48.64.
Today's authorization will permit the company to buy back shares in 2014 as well as conduct future repurchases.
Shares will be repurchased from time to time on the open market, subject to market conditions, or through privately negotiated transactions.
About McGraw Hill Financial:
McGraw Hill Financial is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
Investor Relations: http://investor.mhfi.com
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The forward-looking statements in this news release involve risks and uncertainties and are subject to change based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations) and equity markets, including possible future interest rate changes; and the health of the economy.
Director, Corporate Media Relations
Vice President, Investor Relations
SOURCE McGraw Hill Financial