Jeff Smith noon, March 8
WD-40 Borrows $75M to Fund Expansion, Stock Buybacks
San Diego-based WD-40 Company, a chemical manufacturer perhaps best known for its namesake lubricant and 2000 Flushes toilet treatment products, announced today that it has opened a new $75 million credit line with Bank of America, replacing a previous $10 million line through Union Bank.
"The new facility gives us additional access to capital to support the continued growth of our business, our share-buyback activity, and other general business needs," stated Jay Rembolt, chief finance officer.
On April 4, 2011, the company announced it would buy back up to $60 million in outstanding shares by April 2013, amounting to about 9% of the company’s total issued stock at current values. At the time of the buyback announcement, the company had already completed $9.6 million in share re-purchases.