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19/12/2011
Miller Announces Capital Investment
The Miller Group has announced an agreement in principle which 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 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 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.
(CD)
The refinancing will be provided by an investor group led by GSO Capital Partners LP 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.
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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.
(CD)
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