Financial FlexibilityRedeeming the outstanding convertible preferred stock for $361 million is likely to be slightly accretive to income and cash flow, enhancing financial flexibility and reducing uncertainty for shareholders.
Growth OpportunitiesMRC has a number of growth opportunities, including improving fundamentals in the gas utility end market and a bullish natural gas midstream spending outlook.
Share Repurchase ProgramMRC announced a $125 million share repurchase program, which is expected to be funded comfortably from cash flow, representing approximately 12% of the company's market cap.