Miller Homes (UK)

1934

Private

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£250,000,000

Current Yield

5.3%

*
Estimated Yield to Maturity

4.8%

**
Maturity Date

15 Oct 2024

Interest Payment Frequency

6m

Next interest payment

15 Apr 2018

Asset Security

First ranking charge over company assets

Industry Type

Housing and Construction

Next Call

15 Oct 2020@102.75, 15 Oct 2021@101.375, 15 Oct 2022@100.0

ISIN

XS1689521125


Business Description

Established in 1934 and the largest privately-owned housebuilder in the UK, Miller Homes has a strong regional footprint through three divisions (Midlands & South, North, and Scotland) and a reputation for delivering quality, family homes in desirable and high demand locations The company focuses on sustainable developments on the edge of urban or suburban areas, typically within 45 minutes of the nearest largest town or city and is recognised for providing outstanding levels of customer service. In 2016, the company completed a total of 2,380 homes. For the year to 31 December 2016, the company reported a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m.


Capital Structure

Source: Public Company Information
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on the £296m paid by owner Bridgepoint for the company in June 2017.


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* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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