Miller Energy gets extension of deadline to repay loan without premium

By Angela McDaniels

Tacoma, Wash., Jan. 31 - Miller Energy Resources, Inc. received an extension of the date by which it may repay a portion of its credit facility without having to pay a prepayment premium, according to an 8-K filing with the Securities and Exchange Commission.

On June 29, 2012, the company entered into a loan agreement with Apollo Investment Corp. as administrative agent and lender. The loan agreement provides for a credit facility of up to $100 million with an initial borrowing base of $55 million.

On Aug. 5, the company entered into an amendment that provides for an increase of $20 million in the borrowing base. Under the terms of the amendment, this $20 million of new availability would not be subject to any prepayment premium as long as the full amount of the new availability was repaid by Jan. 31.

This deadline has now been extended to Feb. 28.

Miller is a Knoxville, Tenn.-based oil and natural gas company.

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