Financial Federal repurchases $21.5 million 2% convertibles, gets OK to buy back more

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Financial Federal Corp. recently repurchased $21.5 million of its 2% convertible debentures due 2034 for $20.9 million, according to a company news release.

In addition, the board of directors authorized a $35.3 million increase in Financial Federal's convertible debt and common stock repurchase program, bringing the amount available for repurchases to $55 million.

The program was established in June 2007. The company said it has repurchased $31.5 million of convertible debt under the program for $30.1 million, and $143.5 million of convertible debt remains outstanding.

Financial Federal is financial services company based in New York that specializes in financing construction, road transportation and refuse equipment through installment sales and leasing programs.

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