Inergy, L.P. (NRGY) announced that its Board of Directors has authorized the repurchase of up to $100 million in value of the Partnership’s outstanding common units from time to time through March 31, 2013, in open market transactions, including block purchases.
The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by its management subject to market conditions, applicable legal requirements, available liquidity, and other appropriate factors as determined by such officers.
The unit repurchase program does not include specific price targets and may be modified or suspended at any time and could be terminated prior to completion. Any repurchased common unit will be cancelled.
John Sherman, President and CEO of Inergy, commented, “This unit repurchase program provides us an opportunity to show the confidence we have in the company and its valuation prospects. The Partnership's strong liquidity and low leverage profile allow us to pursue this strategy while maintaining our financial strength.”
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