MYR Group announces new $75M share repurchase program

MYR Group announced a new share repurchase program, Repurchase Program.The Repurchase Program authorizes the Company to repurchase, in the aggregate, up to $75M of its outstanding shares of common stock from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The Repurchase Program will expire on May 8 or when the authorized funds are exhausted, whichever is earlier. The Company intends to fund the Repurchase Program with cash on hand and through borrowings under its credit facility. The Repurchase Program was authorized by the Board of Directors and will be effective on November 9. The Company’s prior $75M repurchase program that commenced on May 9 is scheduled to expire on November 8.