The board of directors at CorEnergy Infrastructure Trust Inc., the real estate investment trust that owns midstream and downstream assets, authorized a share buyback program for up to $10 million of common stock, the company said Dec. 31.
The shares will be repurchased through privately negotiated transactions, and purchases may be made through Dec. 31, 2016.
Dave Schulte, president and CEO, said the current price of the company’s stock is discounted compared with the value of assets and dividends, and that the buyback is a good investment opportunity for shareholders.
General corporate funds will finance the repurchase of shares.
Also, Pinedale Corridor LP extended its current secured credit facility with KeyBank NA through March 2016. With the execution of the agreement, a $1 million principal reduction payment was made, resulting in an outstanding balance of about $62.5 million.
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