CorEnergy Announces Repurchase Program
23 March 2020 - 11:00PM
Business Wire
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA)
("CorEnergy" or the "Company") today announced that its Board of
Directors has authorized a repurchase program for the Company to
buy up to the remaining amount outstanding of its 7.00% Convertible
Senior Notes due 2020, and up to $5 million of its common stock and
7.375% Series A Cumulative Redeemable Preferred Stock. The Company
plans to repurchase notes or 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.
“With a strong balance sheet and more than $250 million in
available liquidity, we believe 2020 will present attractive
portfolio growth opportunities for our company,” said Dave Schulte,
Chairman and Chief Executive Officer. “However, our board also
recognizes that repurchasing shares or notes in this unusual time
is an attractive investment opportunity.”
Purchases of notes or shares will be financed with general
corporate funds. The repurchase program does not obligate the
Company to acquire any of its notes, common or preferred stock, or
to acquire any particular number of notes or shares, and the
program may be extended, modified, suspended or discontinued at any
time at the Company's discretion. Purchases may be made through the
program through August 20, 2020.
About CorEnergy Infrastructure Trust,
Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a
real estate investment trust (REIT) that owns critical energy
assets, such as pipelines, storage terminals, and transmission and
distribution assets. We receive long-term contracted revenue from
operators of our assets, primarily under triple-net participating
leases. For more information, please visit corenergy.reit.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although CorEnergy believes that the expectations reflected in
these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Actual results could differ materially from
those anticipated in these forward-looking statements as a result
of a variety of factors, including those discussed in CorEnergy's
reports that are filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Other than as required by law, CorEnergy does not assume a duty to
update any forward-looking statement. In particular, any
distribution paid in the future to our stockholders will depend on
the actual performance of CorEnergy, its costs of leverage and
other operating expenses and will be subject to the approval of
CorEnergy's Board of Directors and compliance with leverage
covenants.
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version on businesswire.com: https://www.businesswire.com/news/home/20200323005104/en/
CorEnergy Infrastructure Trust, Inc. Investor Relations Debbie
Hagen or Matt Kreps 877-699-CORR (2677) info@corenergy.reit
CorEnergy Infrastructure (NYSE:CORR)
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