Newpark Resources expands securities repurchase program to $100M
Newpark Resources announced that its board has authorized changes to the company's existing securities repurchase program, which it first authorized in 2013. The company has repurchased a total of $67M of its common stock and convertible notes since 2013, leaving $33.5M of authorization remaining under the original repurchase program. The board has expanded the remaining authorization to $100M, which can be used for the purchase of the company's outstanding shares of common stock or outstanding convertible notes. The authorization will allow the company to resume the repurchase of its outstanding shares or convertible notes in the open market, in block trades or through privately negotiated transactions, subject to certain market conditions, business opportunities, legal or regulatory restrictions, and other factors. The repurchase program has no specific term.