Miller Energy Resources Announces New Credit Facility With Apollo Investment Corporation; $100 Million Financing Secured
Miller Energy Resources ("Miller") (NYSE: MILL) announced today that it had closed on a five year, $100 million credit facility with Apollo Investment Corporation ("Apollo") (NASDAQ: AINV). The credit facility, which provides for an initial borrowing base of $55 million, is secured by substantially all of the company's and its subsidiaries' assets. Proceeds from the loan will be utilized to pay off existing indebtedness, its Series A Preferred Stock, and fund development of oil production both onshore and offshore in Alaska through the drilling of new wells and the reworking of previously producing oil wells.
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