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Miller Energy signs $100M debt deal

Miller Energy Resources shares are down more than 5 percent in trading today, following the
Miller_Energy02.jpgKnoxville 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.

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