Miller Energy Resources shares are down more than 5 percent in trading today, following the
Knoxville company’s announcement late last week of a new $100 million credit deal with Apollo Investment Corp.
The five-year agreement is secured “by substantially all of the company’s and its subsidiaries’ assets,” Miller said in a news release.
The deal includes an initial $55 million borrowing base. Miller said it will use the loan to pay off existing debt, its Series A Preferred Stock and pay for drilling new wells and reworking existing wells both onshore and offshore in Alaska.