Cheesecake Factory Raises Buyback Plan By 10 Million Shares

Restaurant chain operator Cheesecake Factory said its board raised its share buyback authorization by 10 million shares.

The approval supplements an existing buyback programe for 6 million shares previously authorized by the board, it said in a statement.

Including the 2.4 million shares outstanding under the previous authorisation, the total available authorization now totals 12.4 million shares.

Cheesecake Factory plans to initially fund the buyback with cash in hand and a temporary credit facility of $150 million. It said it will replace the temporary facility and another existing $35-million credit arrangement with a $200-million revolving credit agreement.

The company's shares were trading at $27.30 in early electronic dealings, after closing at $26.63 Tuesday on the Nasdaq.

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