Red Hat board approves buyback of $75 million of 0.5% convertibles

By Laura Lutz

Des Moines, Oct. 27 - Red Hat, Inc.'s board authorized the repurchase of up to $75 million of the company's 0.5% convertible senior debentures due 2024.

The board also approved the repurchase of up to $250 million of the company's common stock.

Repurchases may be made either on the open market or in privately negotiated transactions and will be funded with the company's working capital.

As of Aug. 31, the company had cash and investments in debt securities of about $1 billion.

Red Hat is a provider of open-source software based in Raleigh, N.C.

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