Miller Homes

GLAS appointed Trustee on Miller Homes High Yield Bond Issuance

November 2017, London

Last month, Miller Homes Group closed its £425 million high yield bond issuance. GLAS Trustees Limited (GLAS Trustees) acted as trustee on the issuance. The transaction is an important milestone for the corporate trust practice at Global Loan Agency Services Limited (GLAS). Helena Giles, Head of Trustee Services at GLAS noted, “GLAS is delighted to be involved with this important transaction for Miller Homes on this primary issuance in the EMEA region. Our independence as well as our front-office approach, means that GLAS offers a strong alternative to the bank corporate trust providers. We look forward to growing our relationship with Miller Homes”.

Mia Drennan, Chief Executive of GLAS stated, “This transaction underlines the rapid growth of our corporate trust practice, led by Helena. We are seen as a high level, service and people led alternative to the traditional players in the corporate trust space, and we see this as a very important part of our groups growth globally”.

The transaction involved the issuance by Miller Homes Group Holdings plc of £250 million 5.50% senior secured fixed-rate notes due 2024 and £175 million senior secured floating-rate notes due 2023.

The joint global coordinators and bookrunners were Barclays Bank PLC, Deutsche Bank, HSBC Bank PLC, Goldman Sachs International, Jefferies International Limited and Lloyds Bank plc who were advised by Shearman & Sterling (London LLP). The Miller Homes Group Holdings plc was advised by Linklaters LLP. Banque Internationale à Luxembourg (BIL) acted as paying agent. GLAS Trustees and BIL were advised by K&L Gates LLP. Miller Homes was bought by Bridgepoint fund Bridgepoint Europe V.

Following this issuance, Miller Homes Group Holdings plc have acquired Miller Homes Holdings Limited, the parent company of the Miller Group. Founded in 1934, the Miller Group is one of the largest privately-owned U.K. housebuilders by number of property completions. Their business consists of acquiring land; obtaining planning and other consents; overseeing the development of homes and ancillary infrastructure; and then selling the homes to individual customers.

Global Loan Agency Services Limited was established in 2011 as an independent provider of finance administration services. Global Loan Agency Services Limited is a privately-owned business, founded by Mia Drennan and Brian Carne. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. We offer a wide range of administration services developed specifically for the debt market. We are an employee led organisation, with each employee directly participating in the success of the company. GLAS Trustees Limited is a direct subsidiary of Global Loan Agency Services Limited.

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