Miller Energy draws another $10 million under reserve-based revolver

By Susanna Moon

Chicago, June 30 – Miller Energy Resources, Inc. drew another $10 million under its three-year senior secured reserve-based revolving credit facility on June 24, according to an 8-K filing with the Securities and Exchange Commission.

The latest drawdown brings the total outstanding amount to $30 million under the agreement with KeyBank NA as the administrative agent.

As previously announced, Miller obtained the $250 million three-year revolver on June 3 with an initial borrowing base of $60 million.

Pricing is Libor plus 300 basis points to 400 bps, based on the level of borrowing.

KeyBanc Capital Markets Inc. was the bookrunner and lead arranger. The syndicate also included CIT Finance LLC, Mutual of Omaha Bank and OneWest Bank NA.

The company drew $20 million under the revolver at closing, with proceeds to be used to provide working capital for development drilling in Alaska.

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

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