Red Hat raises amount of convertibles to be repurchased by $125 million, extends deadline

By Devika Patel

Knoxville, Tenn., Sept. 29 - Red Hat, Inc. will increase the number of convertible debentures it plans to buy back under its debenture and share repurchase program by $125 million in debentures, according to a filing with the Securities and Exchange Commission Monday.

The company's board of directors also extended the duration of the repurchase program. Under the new schedule, the program will expire on the earlier of Nov. 30 or a determination by the company's board of directors, chief executive officer or chief financial officer to discontinue the program.

Repurchases may be effected either on the open market or in privately negotiated transactions, as applicable.

The repurchase program will be funded using the company's working capital.

As of Aug. 31, the company had cash, cash equivalents and investments of $1.43 billion.

Red Hat is a Raleigh, N.C.-based software and programming firm.

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