Miller Energy Resources announced that it has secured a three-year $250 million senior secured, reserve-based revolving credit facility. KeyBanc Capital Markets served as the sole bookrunner and lead arranger.
The credit facility, with an initial borrowing base of $60MM, is priced on a sliding scale, based on LIBOR plus 300 to 400 basis points, depending upon level of borrowing. The company drew $20MM under the revolver at closing which will be used to provide working capital for development drilling in Alaska. In addition to KeyBank National Association, the syndicate includes CIT Finance, Mutual of Omaha Bank, and OneWest Bank.
Miller Energy Resources is an oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America.