Miller Announces Capital Investment from GSO Capital Partners
19.12.11 Company: Miller Group
The Miller Group (“the Group”) today 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 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, “GSO”), a division of one of the world’s leading investment and advisory firms, The Blackstone Group L.P. (“Blackstone”).
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 c.£250m
• 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 M 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.
Adele Joyce, Communications Manager, The Miller Group
+44(0) 870 336 5141 or firstname.lastname@example.org
Rob Ballantyne/Shan Shan Willenbrock, Cardew Group
+44 (0) 20 7930 0777 or Robert.Ballantyne@cardewgroup.com , Shanshan.email@example.com
Helen Winning, European Corporate Communications Director, Blackstone
+44(0) 207 451 4344 or firstname.lastname@example.org
Notes to Editors
The Miller Group
The Miller Group is the UK's largest privately owned Housebuilding, Property Development, Construction and Mining business. Based in Edinburgh with operations throughout the UK, the Group is well diversified, with four core businesses Homes, Developments, Construction and Mining. www.miller.co.uk
GSO Capital Partners LP
GSO, together with its affiliates has approximately $34 billion of assets currently under management, is one of the largest credit-oriented alternative managers in the world and a major participant in the leveraged finance marketplace. GSO seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of strategies including mezzanine, leveraged loans and other special situation strategies.
Blackstone is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. Blackstone does this through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses includes the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.