Jack in the Box announced its Board of Directors has authorized an additional $200 million stock buyback program commencing in fiscal year 2016 and expiring in November 2017.

Lenny Comma, chairman and chief executive officer, said, “Over the last five years, we have demonstrated our commitment to returning our growing free cash flow to shareholders through the purchase of $1 billion in stock and the initiation of a dividend in 2014. The additional authorization coupled with the 50% increase in our dividend announced in May underscores the confidence both the management team and our Board of Directors have in our business model and growth plans.

The amendment to our credit facility that was announced in July also provides us with more than $400 million of additional borrowing capacity to support our strategic priorities and comfortably maintain leverage within a 2 to 3 times range.”

According to a related 8-K filing, Wells Fargo was the administrative agent for the lender group that increased the company’s revolver from $600 million to $900 million and increased the size of its term loan facility to $300 million.

During fiscal year 2015, the company repurchased approximately 3,743,000 shares at an average price of $84.71 per share, for an aggregate cost of $317.1 million, including $65.5 million in the fourth quarter of fiscal 2015. This completed a $100 million stock buyback program authorized by the company’s Board of Directors in May 2015.