Miller Energy Resources to pay off series A preferreds with new loan

Company privately placed $10 million of preferreds in April

By Angela McDaniels

Tacoma, Wash., June 29 - Miller Energy Resources, Inc. plans to pay off its series A preferred stock, according to a company news release.

The company will use proceeds from a new $100 million five-year credit facility with Apollo Investment Corp. to fund the payoff. The credit facility has an initial borrowing base of $55 million.

Proceeds will also be used to pay off existing debt and to fund the development of oil production in Alaska.

The company issued $10 million of series A preferreds in a private placement on April 6. At the time, the company said it planned to redeem the preferreds at a 10% premium once its credit facility was refinanced.

Miller Energy Resources is an oil and natural gas exploration, production and drilling company based in Knoxville, Tenn.

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