Whole Foods plans up to $1 billion of long-term debt this quarter

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Whole Foods Market, Inc. said it plans to incur up to $1 billion of additional long-term debt during the fiscal first quarter, which ends in December.

The amount and composition of the debt will depend on market conditions and capital allocation considerations at the time the debt is incurred, according to a company news release.

The company said it may also incur up to $350 million of additional short-term debt, which would be repaid with proceeds from the long-term debt.

Proceeds from any debt incurred would be used for general corporate purposes, including the repurchase of stock.

The company's board of directors authorized a new $1 billion share repurchase program. The company’s plan is to spend the majority of the $1 billion buyback authorization in the first half of the fiscal year.

The natural and organic foods supermarket is based in Austin, Texas.

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