Miller uses stock sale to retire subordinated debt

Pittsburgh, May 27 - Miller Industries Inc. used proceeds from the sale of 480,000 shares of common stock to retire $5.4 million of its subordinated debt and $350,000 in interest, the company said in a press release Thursday.

The stock sold at $9 per share to private investors.

Miller's remaining subordinated debt is $4.29 million paying interest at 9% annually.

Company president and co-chief executive officer Jeffrey Badgley said the debt retirement will save Miller almost $1 million in interest.

Miller is a Chattanooga, Tenn.-based manufacturer of towing and recovery equipment.

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