Highlight of the balance sheet restructuring is the injection of 拢160m of new equity capital from an investor group led by GSO Capital Partners, part of聽The Blackstone Group, one of the world鈥檚 leading investment firms.
The investor group includes Miller group chief executive Keith Miller, other company executives, Scottish banks Noble Grossart and Royal Bank of Scotland, plus聽Lloyds Banking Group and National Australia Bank.
The transaction provides Miller with a significantly strengthened balance sheet with pro forma net assets in the region of 拢250m. Existing lender debt is refinanced to provide five year committed facilities.
The company said that the deal secured support from a long-term investor group and provided a platform to develop the business.
Keith Miller said: 鈥淭his 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鈥檚 leading financial investors. This is due to the outstanding quality of our business and also to the continuing support of our existing banking partners.鈥�
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