ADP Plans $2 Billion Debt Offering, Buyback Of Additional 25 Million Shares

Payment processor ADP said Friday it is planning to initiate a $2 billion debt offering at a future date, and will use part of the proceeds to buy back an additional 25 million shares. The company has filed a shelf registration with the Securities and Exchange Commission to that effect. The company has about 26 million shares remaining under its previous buyback authorization. it had about 466 million shares outstanding as of July 31. Shares were not yet active in premarket trade, but are down 6.4% in the year so far, while the S&P 500 has lost 3.5%.