Golar LNG (GLNG) Trims Exposure Under Total Return Swap
Get Alerts GLNG Hot Sheet
Join SI Premium – FREE
Golar LNG Limited (Nasdaq: GLNG) announced that it has settled and reduced its exposure under its Total Return Swap ("TRS") agreement from 3.5 million shares to 3 million shares through a direct acquisition of 500,000 shares. The Company now owns these 500,000 shares outright as treasury shares and continues to hold TRS contracts for a further 3.0 million shares. Excluding treasury shares, the number of outstanding shares in Golar after this transaction has been reduced to 93,046,663.
The Company has been reserving cash as collateral against its TRS agreements and the cash cost of unwinding the forward contract in respect of these 500,000 shares was substantially funded by a corresponding release from the cash collateral.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MGIC Investment (MTG) Announces $750M Share Buyback, Declares $0.115 Dividend
- Bristol-Myers Squibb (BMY) stock slips despite earnings beat
- Atlassian (TEAM) comes ahead of Street estimates in Q1 but shares tumble
Create E-mail Alert Related Categories
Corporate News, Stock BuybacksRelated Entities
Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!