MEPC expands Quips buyback program

Pittsburgh, June 10 - MEPC Ltd. will buy back up to $40 million, or about 19%, of its outstanding series A 9 1/8% cumulative guaranteed Quarterly Income Preferred Securities through an expansion of its repurchase program, according to a news release.

The buyback will last up to 12 months.

The program will enable the company to continue purchasing Quips, head of corporate finance Gavin Lewis said in the release.

London-based MEPC has repurchased about $26.2 million of Quips since June 2001.

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