By Stephanie N. Rotondo
Phoenix, Sept. 28 - Miller Energy Resources Inc. priced a $17.13 million "best-efforts" offering of 10.75% series C cumulative redeemable perpetual preferred stock, the company said in an FWP filed with the Securities and Exchange Commission on Friday.
The $25-par preferreds were sold at $23 per share.
MLV & Co. LLC and Maxim Group LLC are the joint bookrunners. The co-managers are National Securities Corp. and Williams Financial Group.
The company can redeem the preferred shares on or after Nov. 1, 2017 or earlier in the event of a change of control.
The company will apply to list the new securities on the New York Stock Exchange under the ticker symbol "MILLPC."
Proceeds will be used for general corporate purposes.
Miller Energy Resources is a Knoxville, Tenn.-based oil and gas exploration and development company.
| Issuer: | Miller Energy Resources Inc.
|
| Securities: | Series C cumulative redeemable preferred stock
|
| Amount: | $17,125,000, or 685,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | MLV & Co. LLC and Maxim Group LLC
|
| Co-managers: | National Securities Corp. and Williams Financial Group
|
| Dividend: | 10.75%, payable quarterly beginning Dec. 1
|
| Price: | $23 per share
|
| Liquidation amount: | $25 per share
|
| Call option: | On or after Nov. 1, 2017 or in the event of a change of control
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Expected listing: | NYSE: MILLPC
|
| Cusip: | 600527204
|
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