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Shearman & Sterling Advises on Miller Homes’ £425 Million Inaugural High Yield Bond

10 Oct 2017

Shearman & Sterling represented Barclays, Deutsche Bank, HSBC, Goldman Sachs, Jefferies and Lloyds Bank as initial purchasers on Miller Homes Group Holdings plc’s £425 million high yield bond offering. The bond consisted of £250 million 5.50% senior secured fixed-rate notes due 2024 and £175 million senior secured floating-rate notes due 2023.  

Shearman & Sterling also advised Barclays, Deutsche Bank, HSBC, Goldman Sachs, Jefferies and Lloyds Bank as lenders in connection with Miller Homes’ £105 million super senior revolving credit facility.  

Following closing, Miller Homes Group Holdings plc will acquire Miller Homes Holdings Limited, the parent company of the Miller Group. The net proceeds of the offering will be used, together with cash on hand and a £296 million equity contribution from shareholders, Bridgepoint and certain key managers of the Miller Group, to repay certain debt outstanding under Miller Group’s facilities and  pay related fees and expenses.

Founded in 1934, the Miller Group is one of the largest privately owned U.K. housebuilders by number of completions. 

The Shearman & Sterling team was led by partners Jacques McChesney (London – Capital Markets) and Iain Goalen (London – Finance); counsel Leona McManus (London – Finance); associates Andrew Cook (London – Finance), Ana Grbec, Evangelia Andronikou (both London – Capital Markets), Tim Waterson, Warren Stapley, Charlotte Rice, Charlie Marmion (London – Finance). Partners Kristen Garry (Washington, DC – Tax) and Simon Letherman (London – Tax), associates Mike Ward (London – Tax), Eric Grosshandler (New York – Tax), Sarah Moir-Porteous and Lois Howarth (both London – Tax) advised on the tax aspects of the transaction.

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