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Miller Homes finalizes talk in £815 million equivalent two-part deal; pricing Friday
By Paul A. Harris
Portland, Ore., April 28 – Miller Homes set price talk in its £815 million equivalent two-part offering of senior secured notes (B1/B+/BB-), according to market sources.
The Rule 144A and Regulation S deal features a sterling-denominated tranche of seven-year non-call three-year fixed-rate notes talked to yield 8% to 8¼%, wide to initial guidance in the high 7% area.
The deal also features a euro-denominated tranche of six-year non-call one-year floating-rate notes talked with a 525 basis points spread to Euribor, no Euribor floor, at OID 97 to 98. The spread and floor come on top of initial guidance. The proposed discount is cheap to initial price guidance, which was set at 98.
Tranche sizes remain to be determined.
The deal is set to price on Friday.
Joint global coordinator Barclays will bill and deliver for the floating-rate notes.
HSBC, which is also a joint global coordinator, will bill and deliver for the fixed-rate notes.
Credit Suisse, Deutsche Bank, Goldman Sachs International, Lloyds Bank Corporate Markets, RBC Capital Markets and Standard Chartered Bank are the joint bookrunners.
The issuing entity will be Castle UK Finco plc, the indirect parent of Miller Homes.
The Edinburgh-based home builder plans to use the proceeds to pay off the bridge loan put in place to fund the buyout of Miller Homes by Apollo and Miller Homes management from Bridgepoint Group plc.
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