Globus Medical stock rises after $350 million share buyback plan

Globus Medical

03/10/2023 18:11

NEW YORK, Oct 3 (Reuters) - Shares of Globus Medical Inc
 GMED.N  rose by more than 5% to a session high of $52.16 on
Tuesday after the medical device maker launched a $350 million
stock buyback program
    ** Stock on track for biggest 1-day pct jump in almost 11
months 
    ** The new buyback plan will run concurrently with two other
existing stock repurchase programs, which still have about
$150.8 million outstanding, co said after the closing bell on
Monday
    ** GMED also announced that it has secured $400 million from
lenders under a credit agreement that terminates on Sept. 27,
2028
    ** GMED stock is down ~30% ytd

 (Reporting by Chibuike Oguh in New York)
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Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))