IDT Enters into Facility for Stock Repurchase
NEWARK, N.J.--(BUSINESS WIRE)--Jan. 3, 2005--
IDT Corporation (NYSE: IDT, IDT.C) today announced that it has signed an agreement with Merrill Lynch for Merrill Lynch to act as
IDT's agent for open-market purchases of IDT Common Stock and Class B Common Stock. In addition, IDT has established a $100
million line of credit facility with Merrill Lynch to fund such repurchases.
IDT will also enter into a Rule 10b5-1 Purchase Plan with Merrill Lynch, so that Merrill Lynch, in accordance with directions from
IDT, will be able to repurchase shares in the open market during periods during which IDT would otherwise be precluded. IDT's
board of directors has previously approved a buyback of up to 5 million shares of Common Stock and 15 million shares of Class B
Common Stock.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of
telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international
telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced
international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the
IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated
productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally
responsible for the Company's initiatives in radio broadcasting, brochure distribution and new video technologies. Net2Phone, Inc.,
a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced
cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers.
IDT Enters into Facility for Stock Repurchase
NEWARK, N.J.--(BUSINESS WIRE)--Jan. 3, 2005--
IDT Corporation (NYSE: IDT, IDT.C) today announced that it has signed an agreement with Merrill Lynch for Merrill Lynch to act as
IDT's agent for open-market purchases of IDT Common Stock and Class B Common Stock. In addition, IDT has established a $100
million line of credit facility with Merrill Lynch to fund such repurchases.
IDT will also enter into a Rule 10b5-1 Purchase Plan with Merrill Lynch, so that Merrill Lynch, in accordance with directions from
IDT, will be able to repurchase shares in the open market during periods during which IDT would otherwise be precluded. IDT's
board of directors has previously approved a buyback of up to 5 million shares of Common Stock and 15 million shares of Class B
Common Stock.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of
telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international
telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced
international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the
IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated
productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally
responsible for the Company's initiatives in radio broadcasting, brochure distribution and new video technologies. Net2Phone, Inc.,
a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced
cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. |
