Golar LNG reduces TRS exposure
Golar LNG, the owner and operator of liquefied natural gas carriers informed on Wednesday that it has acquired 500,000 shares reducing its exposure under the total return swap deal.
The company now owns the 500,000 shares as treasury shares while it continues to hold TRS contracts for a further 3 million shares, according to the statement.
Excluding treasury shares, the number of outstanding shares in Golar after this transaction has been reduced to 93,046,663, Golar LNG said.
Golar LNG 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, the company added.