KANSAS CITY, Mo.--(BUSINESS WIRE)--
CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) today announced that
its 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 December 31, 2016.
"We believe the current price of our stock to be at a significant
discount relative to the value of our assets and our dividend payments,"
said Dave Schulte, President and Chief Executive Officer. "As we
continue to assess which uses of capital would be most accretive to our
shareholders in the long term, we believe repurchasing shares to be an
attractive investment opportunity."
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.
The Company also announced today that Pinedale Corridor LP extended its
current secured credit facility with KeyBank National Association
through March 2016. With the execution of the agreement, a principal
reduction payment of $1.0 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 approximately $4.0 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.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real
estate investment trust (REIT) that owns essential midstream and
downstream energy assets, such as pipelines, storage terminals, and
transmission and distribution assets. We seek long-term contracted
revenue from operators of our assets, primarily under triple net
participating leases. For more information, please visit corenergy.corridortrust.com.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151231005254/en/
CorEnergy Infrastructure Trust, Inc.
Robertshaw, 877-699-CORR (2677)
Source: CorEnergy Infrastructure Trust, Inc.
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