Miller Energy plans sale of 10.5% fixed-to-floating rate cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 24 - Miller Energy Resources Inc. intends to price an offering of 10.5% series D fixed-to-floating rate cumulative redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

MLV & Co. LLC and Maxim Group LLC are the joint bookrunning managers. Co-managers are Aegis Capital Corp., Dominick & Dominick LLC, Ladenburg Thalmann, National Securities Corp. and Northland Capital Markets.

Dividends will be payable on the first day of March, June, September and December, beginning Dec. 1. Beginning Dec. 1, 2018, the dividend begins to float at Libor plus a spread.

The preferreds become redeemable on or after the fifth anniversary date of the original issuance or in the event of a change of control. The redemption price is par plus accrued dividends.

The company has applied to list the new securities on the New York Stock Exchange under the ticker symbol "MILLPD."

Proceeds will be used for general corporate purposes, including to make dividend payments on its outstanding preferred stock.

Miller Energy is a Knoxville, Tenn.-based oil and gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.