CorEnergy Infrastructure Trust Inc.’s (NYSE: CORR) board of directors has authorized a share repurchase program for the company to buy up to $10 million of its common stock.
The company plans to repurchase shares from time to time through open market transactions, including through block purchases, in privately negotiated transactions or otherwise. The timing, manner, price, and amount of any repurchases are to be determined by senior management, depending on market prices and other conditions. Purchases may be made through the program through Dec. 31, 2016.
Purchases of common stock will be financed with general corporate funds. The stock repurchase program does not obligate the company to acquire any of its common stock, or to acquire any particular number of shares, and the program may be extended, modified, suspended or discontinued at any time at the company's discretion.
Additionally, Pinedale Corridor LP has extended CorEnergy's current secured credit facility with KeyBank National Association through March. With the execution of the agreement, a principal reduction payment of $1 million was made, resulting in an outstanding balance of approximately $62.5 million. Through the extension period, Pinedale Corridor LP will make revised monthly principal payments, totaling $4 million. Borrowings under the credit facility will bear interest on the outstanding principal amount at the LIBOR rate plus 4.25%.
CorEnergy Infrastructure Trust Inc. is a real estate investment trust that owns essential midstream and downstream energy assets, such as pipelines, storage terminals, and transmission and distribution assets.