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Miller Energy Resources, Inc. | 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock (MILL.PRD)

Prospectus excerpt:  Miller Energy Resources, Inc. is offering to the public 1,000,000 shares of our 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series D Preferred Stock. This is an original issuance of the Series D Preferred Stock. Our common stock is currently traded on the New York Stock Exchange LLC, or NYSE, under the symbol ˘MILL.÷ We will bear all costs associated with the offering.

We will pay quarterly cumulative dividends on the Series D Preferred Stock on the 1st day of each December, March, June and September (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) when, as and if declared by our board of directors. Dividends will accrue from, and including, the date of original issuance to, but not including, December 1, 2018, at an initial annual rate of 10.5% per annum, based on the $25.00 per share liquidation preference (equivalent to $2.625 per annum per share during that period). Dividends accruing on and after December 1, 2018 will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable date of determination and (b) 9.073%, based on the $25.00 per share liquidation preference per annum. The first dividend payable on December 1, 2013 in the amount of $0.4448 per share will be paid to the persons who are the holders of record of the Series D Preferred Stock at the close of business on November 15, 2013.

The Series D Preferred Stock will not be redeemable before the fifth anniversary of the date we initially issue the Series D Preferred Stock, except as described below upon the occurrence of a Change of Control. On or after the fifth anniversary of the date we initially issue the Series D Preferred Stock we may, at our option, redeem any or all of the shares of the Series D Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series D Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless we repurchase, redeem or convert it into our common stock in connection with a Change of Control.

Our underwriters are selling shares of Series D Preferred Stock on a ˘best efforts÷ basis. The underwriters are not required to sell any specific number or dollar amount of Series D Preferred Stock but will use their best efforts to sell the Series D Preferred Stock offered.

Please see ˘Underwriting÷ beginning on page S-40 of this prospectus for more information regarding our arrangements with the underwriters. There is no arrangement for funds to be received in escrow, trust or similar arrangement.

Full Prospectus PDF », MILL Page »

Series:D
Alternate symbology:MILL-D, MILL-PD, MILLprD
Redeemable?:Yes
Call Date:9/30/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:1,000,000
Liquidation Preference:$25
Original Coupon:Dividends will accrue from, and including, the date of original issuance to, but not including, December 1, 2018, at an initial annual rate of 10.5% per annum, based on the 5.00 per share liquidation preference (equivalent to .625 per annum per share during that period). Dividends accruing on and after December 1, 2018 will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable date of determination and (b) 9.073%, based on the 5.00 per share liquidation preference per annum.
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
CDx3 Compliance Rating: Learn MILL.PRD's Rating
Miller Energy Resources is an independent exploration and production company that utilizes seismic data and other technologies for geophysical exploration, development and operation of oil and gas wells in the Appalachian region of east Tennessee and in southcentral Alaska. Co.'s Alaskan activities include the Cook Inlet, Susitna Basins, and North Fork Unit. Occasionally, during times of excess capacity, Co. provides these services on a contract basis to third-party customers primarily engaged in oil and natural gas exploration and production. As of Apr 30 2014, Co.'s net proved oil and gas reserves were 6.10 billion barrels of oil and 27.64 billion cubic feet of natural gas.

Preferreds: MILL.PRC, MILL.PRD


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Name: 
Miller Energy Resources, Inc.
Website: 
www.millerenergyresources.com
Sector: 
Oil & Gas Exploration & Production

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