HOUSTON — MRC Global Inc. announced Friday that its board of directors authorized a new $125 million share repurchase program, which expires on Jan. 2, 2028.
Under the repurchase program, the company may purchase its outstanding common shares through various means, including open market transactions, block purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
The program may be modified, discontinued or suspended at any time without prior notice.
Rob Saltiel, MRC Global president and CEO, commented,
“Today’s announcement reflects our confidence in the company’s future and the financial flexibility that we enjoy through the strengthening of our balance sheet over the past few years. Our three-pronged capital allocation strategy consists of targeting a net debt leverage ratio of less than 1.5x, returning cash to shareholders, and investing in our company’s future growth. 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. We anticipate beginning the execution of the repurchase program in the second quarter.”
The actual timing, manner, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of MRC Global common stock, general market and economic conditions, applicable requirements and other business considerations.
