Miller Energy Resources gets $100 million five-year loan from Apollo

By Angela McDaniels

Tacoma, Wash., June 29 - Miller Energy Resources, Inc. closed on a $100 million five-year credit facility with Apollo Investment Corp., according to a company news release.

The credit facility has an initial borrowing base of $55 million. It is secured by substantially all of the company's and its subsidiaries' assets.

Proceeds from the loan will be used to pay off existing debt and series A preferred stock and to fund the development of oil production in Alaska through the drilling of new wells and the reworking of previously producing oil wells.

The new credit facility has a lower cost than the company's previous facility and a larger initial borrowing base, chief executive officer Scott Boruff said in the release.

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

© 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.