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World Acceptance board approves share buyback plan

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World Acceptance board approves share buyback plan

World Acceptance Corp.'s board has approved a share buyback plan to allow the company to repurchase up to $75.0 million in outstanding common shares.

The total amount authorized for repurchase is inclusive of the amount that remains under the previous $25.0 million authorization announced in 2015.

Additionally, World Acceptance amended a revolving credit agreement with Wells Fargo Bank NA to increase the accordion feature by $100 million to allow up to $600 million in commitments.

Further amendments to the agreement included a change in the annual interest rate to an initial fixed rate of 4.0% then a subsequent variable rate between 3.00% and 4.00% in excess of the one-month London interbank offered rate.