DALLAS--(BUSINESS WIRE)--Nationstar Mortgage Holdings Inc. (NYSE: NSM) (“Nationstar”) announced today that its Board of Directors has approved the repurchase of up to $100 million of the company's common stock through December 31, 2017. This program replaces the previous share repurchase program, which expired on December 16, 2016.
"Nationstar’s Board of Directors and management team firmly believe in our long-term growth prospects. This new share repurchase authorization from our Board provides optionality for us and allows us to continue to improve investor returns through intelligent capital management," said Jay Bray, Chairman and Chief Executive Officer.
The repurchase program allows the company to repurchase its common stock using open market stock purchases or privately negotiated transactions. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with working capital requirements, general business conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time at Nationstar's discretion. The company intends to finance the share repurchase program through cash on hand.
The company had approximately 97.5 million shares of common stock outstanding as of September 30, 2016.
Based in Dallas, Texas, Nationstar provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States. With experience spanning more than 20 years, Nationstar is one of the largest servicers in the country. Additional details about Nationstar can be found at www.mynationstar.com.
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, related to the company's plans with respect to share repurchases, involving, among other things, uncertainties inherent in business and financial planning. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Nationstar. Risks and uncertainties include, but are not limited to, market conditions; the possibility that the repurchase program may be suspended or discontinued; economic factors, such as interest rate and currency exchange rate fluctuations; the ability of the company to successfully execute strategic plans; the impact of acquisitions and divestitures; and significant adverse litigation or government action. Certain of these risks and uncertainties are described in the "Business" and "Risk Factors" sections of our most recent annual report and other required documents as filed with the SEC which are available at the SEC’s website at http://www.sec.gov. Nationstar undertakes no obligation to publicly update or revise any forward-looking statements or any other financial information contained herein, and the statements made in this press release are current as of the date of this release only.