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.
Kelly King got the Knoxville Economics Forum off to a rousing start on Friday, even if some of his assertions were a bit of a stretch. The loquacious chairman of BB&T Corp. brought the right mix of commentary, controversy and insight to the first of what I hope will be a long series of talks by distinguished speakers.