The Miller Group has announced a refinancing that will equip the Group with additional investment capital and a significantly strengthened balance sheet. The agreement in principle secures the injection of £160 million (approx. 191 million) of new equity capital and will refinance the existing debt with new five-year committed facilities.
The refinancing will be provided by an investor group led by GSO Capital Partners LP (together with its affiliates and funds managed by it), a division of one of the world's leading investment and advisory firms, The Blackstone Group L.P.
The investor group includes Group Chief Executive Keith Miller, Group Executives, Noble Grossart, Lloyds Banking Group, Royal Bank of Scotland and National Australia Bank.
The transaction provides:
- A significantly strengthened balance sheet with pro forma net assets of ca. £250 million
- Refinancing of the existing lender debt to provide five year committed facilities
- The platform to further develop the existing business
- Support from a long-term investor group.
Keith Miller CBE, Group Chief Executive, said: "This equips us with substantial extra muscle to take advantage of the many opportunities offered by the current economic cycle. I am delighted that we have attracted a significant capital investment from one of the world's leading financial investors. This is due to the outstanding quality of our business and also to the continuing support of our existing banking partners."
Completion of the transaction is subject to certain conditions, including regulatory consents.
Source: The Miller Group