Blackstone firm takes control in Miller refinancing

Scottish housebuilder The Miller Group has this month completed a £160m refinancing led by Blackstone.

Blackstone subsidiary GSO Capital is taking a controlling stake, diluting the Miller family’s previous 62%. Lloyds Banking Group’s former 20% stake, acquired via HBOS in 2008, is also diluted.

Royal Bank of Scotland, Noble Grossart and senior executives are also investing some equity. Keith Miller will continue as chief executive.

The group is refinancing its existing debt with new five – year facilities from its existing lenders Lloyds, RBS and National Australia Bank.

Michael Whitman, senior managing director of GSO, said: “We look forward to working with Keith and his team to pursue the many opportunities presented by the current environment.”