Golar LNG Ltd has announced that its Board of Directors has authorised a convertible bond repurchase programme.
Under the programme, Golar LNG may repurchase up to US$50 million of Golar's outstanding convertible bond. The authorisation is effective immediately and remains valid until the end of this year.
Golar LNG intends to repurchase convertible bonds from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.
The timing and the amount of any repurchases will be determined by Golar LNG’s management based on its evaluation of market conditions, capital allocation alternatives, and other factors.
The convertible bond repurchase programme does not require Golar LNG to acquire any specific number of convertible bonds and may be modified, suspended, extended or terminated by Golar LNG at any time without prior notice.
Golar will execute purchases only during periods where the executive team and the Board of Directors are not aware of material inside information that would likely affect a seller's decision to sell.
Adapted from press release by Callum O'Reilly
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