On May 6, 2014, the board of directors of Cree, Inc. approved an increase in the amount of the Company s stock repurchase program. Pursuant to the program, the Company is now authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $300 million for all purchases from June 20, 2013 through the new expiration of the program on June 28, 2015.
The Company recently repurchased 2.1 million shares of its common stock under the program at an average price of $47.11 per share with an aggregate value of $99.6 million. After this repurchase, there is $200.4 million in aggregate purchase price value remaining in the Company s stock repurchase program through June 28, 2015. The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the Company s management. The Company will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.
Additionally, the board of directors of Cree, Inc. authorized the Company securing an up to $150 million working capital line of credit facility. The working capital line of credit will provide the Company short term flexibility to optimize its net investment return on its cash and investments while funding its general business needs.