Miller Homes Secures High-Yield Financing with Apollo Backing
Deal News | Apr 28, 2025 | Proskauer Rose (UK) LLP
Proskauer, an international law firm, advised on a significant high-yield financing transaction involving Miller Homes Group (Finco) plc, a UK-based home building company owned by private equity firm Apollo. The transaction included the issuance of £475 million in senior secured floating rate notes due in 2030 and a restatement of the company's £194 million super-senior revolving credit facility. The proceeds from these notes were utilized to redeem existing notes. This transaction marks Proskauer's continued involvement with Miller Homes since its acquisition by Apollo in 2022, where they previously advised on bridge and high-yield financings. The advisory team was led by partners in the Capital Markets and Global Finance Group, showcasing Proskauer's broad expertise in handling complex financial transactions.
Sectors
- Finance
- Real Estate
- Legal Services
Geography
- United Kingdom – Miller Homes Group (Finco) plc is a UK-based company, and the financing transaction has implications within the UK market.
- United States – Apollo, the private equity firm involved, and Proskauer, the legal advisor, have strong presences in the US financial and legal markets.
Industry
- Finance – The article discusses financing transactions involving high-yield bonds and credit facilities, showcasing the role of investment management and capital markets.
- Real Estate – Miller Homes operates in the real estate sector, specifically in residential construction and development.
- Legal Services – Proskauer provides legal advisory services, particularly in capital markets and financial transactions.
Financials
- 475 million – Senior secured floating rate notes due 2030 issued by Miller Homes.
- 194 million – Super-senior revolving credit facility that was amended and restated.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Proskauer Rose (UK) LLP | Advisor | Company | An international law firm advising in capital markets and global finance. |
| Miller Homes Group (Finco) plc | Target Company | Company | A UK-based home building company under the ownership of Apollo. |
| Apollo | PE Firm | Company | A private equity firm owning Miller Homes. |
| Jake Keaveny | Partner, Capital Markets and Global Finance | Person | Led the Proskauer team advising on the financing. |
| Courtland Tisdale | Partner, Capital Markets and Global Finance | Person | Part of the Proskauer leadership team on the deal. |