In anticipation of the receipt of RTB proceeds, we elected to reduce our debt by repurchasing a like amount of our high cost senior notes using excess cash on hand. The notes repurchased will reduce ACS' gross cash interest expense by approximately 790,000 per annum, more than offsetting the expected loss of approximately 500,000 in annual dividends we have historically received from our investment in Class C RTB stock.
Quotes about repurchased (2 Quotes)
As a result of our strong cash flow and continued efforts to strengthen our balance sheet we improved our year-over-year debt, net of cash position by 300 million despite having repurchased 31.8 million of common stock year to date,