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Mednax begins $250M accelerated share repurchase program

Mednax Inc. started an accelerated share repurchase program for $250 million of its common stock.

The Sunrise, Fla.-based healthcare services provider initiated the program with Bank of America NA.

Mednax said that a total of about 4.2 million shares are expected to be initially delivered in the transaction.

The program was launched as part of a $500 million share repurchase authorized by the company's board in August.

Mednax is funding the repurchase program through borrowings under its credit facility. The final settlement of the transactions under the accelerated share repurchase is expected to occur in up to six months.