Business
Tractor Supply Company Announces Quarterly Cash Dividend
Company Intends to Restart Its Share Repurchase Program BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Tractor Supply Company (NASDAQ: TSCO), the largest rural
About this update from Tractor Supply Company
[{"type":"text","content":"\nCompany Intends to Restart Its Share Repurchase Program\n\n BRENTWOOD, Tenn.--(BUSINESS WIRE)--\nTractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share of the Company’s common stock. In addition, the Company announced its intention to restart its share repurchase program which had been suspended in March 2020 due to the uncertainty related to the COVID-19 pandemic.\n\n“Today’s capital allocation announcement is consistent with our Life Out Here Strategy that we detailed at last month’s Enhanced Earnings Event. One of our Life Out Here strategic pillars is to generate healthy shareholder return. Our strong balance sheet and cash flow generation allow us to not only invest in the business but return cash to shareholders through dividends and opportunistic share repurchases. With our recently completed refinancing, we have no near-term maturities and ample capital to position us for continued success,” said Kurt Barton, Tractor Supply’s Chief Financial Officer.\n\nThe dividend will be paid on December 8, 2020, to stockholders of record of the Company’s common stock as of the close of business on November 23, 2020.\n\nShare repurchases, which are subject to stock price, capital availability and market conditions, are expected to be in a range to offset anticipated dilution from share-based compensation. Additional share repurchases may be made opportunistically using excess cash after investing in the business.\n\nTractor Supply completed on November 4, 2020 the refinancing of its senior credit facility to provide for a three-year $500 million revolving credit facility and a $200 million term loan with a November 2023 maturity. In addition, the Company amended the note purchase and private shelf agreement governing its senior unsecured notes due August 14, 2029 and extending the period to issue up to $150 million of incremental notes thereunder until November 4, 2023. The Company also paid off its $350 million bridge loan and $202.5 million in term loans.\n\nAbout Tractor Supply Company\n\nTractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, has been passionate about serving its unique niche, as a one-stop shop for recreational farmers, ranchers an...