MRC Global Inc. MRC shares are trading higher premarket on Friday. The company has announced a new $125 million share repurchase program, set to run through January 2, 2028.
The company plans to repurchase its common shares through various methods, including open market transactions, block purchases, and privately negotiated deals, all in compliance with federal securities laws.
MRC Global expects to commence share repurchases in the second quarter of 2025. The management will determine the timing, volume, and method of repurchases based on market conditions, stock performance, and other business considerations.
“Our streamlined capital structure, efficient operating model, and anticipated ability to deliver consistent cash flow generation make this the right time to introduce a share repurchase program,” said President and CEO Rob Saltiel.
Saltiel further highlighted the company's three-pronged capital allocation strategy, which includes maintaining a net debt leverage ratio below 1.5x, returning capital to shareholders, and investing in growth initiatives.
The company held $62 million in cash and equivalents as of September 30, 2024.
In October, the company secured a new $350 million Senior Secured Term Loan “B” maturing in 2031.
Price Action: MRC shares are trading higher by 3.47% at $13.13 in premarket on the last check Friday.
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