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CenturyLink Board Authorizes $1 Billion Buyback Plan

CenturyLink announced that its Board of Directors approved a 24-month stock repurchase program authorizing the company to repurchase up to $1 billion of its common stock.
Monroe -- CenturyLink, Inc. today announced that its Board of Directors approved a 24-month stock repurchase program authorizing the company to repurchase up to $1 billion of its common stock.

This new program will take effect immediately upon completion of our current repurchase program, which we expect to complete during the second quarter of 2014 based on current market conditions.

We expect to complete the new program within 18 to 24 months from its effective date, primarily through open market transactions, subject to market conditions and other factors. We intend to fund the share repurchases primarily with free cash flow generated by the business.

The Board of Directors also voted to declare a regular quarterly cash dividend of $0.54 per share, a portion of which will be payable out of capital surplus, on March 21, 2014, to shareholders of record on March 10, 2014.

"This additional $1 billion repurchase program demonstrates CenturyLink's commitment to return a significant portion of its available cash to shareholders," said Glen F. Post III, chief executive officer and president. "Our strong free cash flow and solid balance sheet enable us to repurchase shares at attractive prices that will be accretive to earnings and free cash flow per share. We expect to use this financial flexibility to continue to be opportunistic in the repurchase of our shares under this new authorization."
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