The Miller Group today announced the completion of its refinancing with Blackstone subsidiary GSO Capital Partners.
The Scottish group said GSO Capital Partners, The Royal Bank of Scotland, Noble Grossart and senior executives of Miller are together investing £160m of new equity capital into the business.
In addition, the group is refinancing its existing debt, with new five-year committed facilities provided by its current banking partners, Lloyds Banking Group, The Royal Bank of Scotland and National Australia Bank.
It said that the transaction provides a significantly strengthened balance sheet with pro forma net assets of around £220m.
Keith M Miller CBE, group chief executive, said: “I am extremely pleased to announce that the transaction has now been completed.
“We are delighted to have attracted this significant capital investment from a number of high-quality investors led by GSO. This new investment strengthens The Miller Group substantially and will allow us to deliver further growth from a strong base at a time when our markets are showing good signs of recovery.
“I am looking forward with enthusiasm and confidence to working alongside GSO and our other investors to deliver further success for The Miller Group.”
Michael Whitman, senior managing director of GSO, said: “Our investment provides The Miller Group with a strong financial foundation to capitalise on a unique portfolio of assets. We look forward to working with Keith, his team and the employees to pursue the many opportunities presented by the current environment.”
bridget.oconnell@estatesgazette.com
