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Miller Homes hires banks for first European junk bond sale in 10 weeks - lead

Stock Markets Apr 25, 2022 11:21
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(Reuters) - UK Housebuilder Miller Homes hired investment banks for a high-yield debt sale on Monday, according to a lead manager, the first high yield bond sale in European markets in 10 weeks.

No bonds have been issued in the European high yield market since February 16, according to Refinitiv IFR data, as a surge in borrowing costs and volatility following a hawkish pivot from the ECB and the invasion of Ukraine have kept borrowers away.

Miller Homes will raise the equivalent of 815 million pounds ($1.04 billion) from a seven-year sterling-denominated senior secured bond callable after three years, and a euro-denominated six-year senior secured floating-rated bond callable after one year, according to a lead manager memo seen by Reuters.

The deal will price after investor meetings which end on Wednesday, the memo said.

Proceeds will refinance an acquisition bridge facility, the memo said.

Funds managed by affiliates of private equity firm Apollo will acquire the company from Bridgepoint Group, Miller Homes announced in December.

($1 = 0.7854 pounds)

Miller Homes hires banks for first European junk bond sale in 10 weeks - lead
 

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