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Miller Homes sets roadshow for £425 million two-part notes offering
By Paul A. Harris
Portland, Ore., Sept. 18 – Miller Homes Group Holding plc plans to start a roadshow in London City on Tuesday for a £425 million two-part offering of senior secured notes (BB-/BB-), according to a market source.
The roadshow continues in London West End on Wednesday. Further details on the timing of the Rule 144A and Regulation S deal remain to be determined.
The deal includes £225 million to £250 million of seven-year fixed-rate notes, which come with three years of call protection. Initial price talk is 5¾% to 6%.
In addition the company intends to sell £175 million to £200 million of six-year floating-rate notes, which come with one year of call protection. Initial price talk for the floating-rate notes is Libor plus 525 basis points to 550 bps.
Left lead global coordinator Barclays will bill and deliver. Deutsche Bank and HSBC are also global coordinators.
Goldman Sachs, Jefferies and Lloyds are joint bookrunners.
Proceed will be used to fund the buyout of the United Kingdom-based homebuilder by Bridgepoint.
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