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Miller Homes  (UK)

1934

Private

Status: Performing

All payments are on time

BACK TO MARKET


Coupon

5.5%

Current Yield

5.3%

*
Estimated Yield to Maturity

4.9%

**
Maturity Date

15 Oct 2024

Next Interest Payment

15 Oct 2018

Interest Payment Frequency

6 months

Asset Security

First ranking charge over company assets

Industry

Housebuilders & Construction

Amount

£250,000,000

ISIN

XS1689521125

Ratings

S&P:  BB-, Fitch  BB-

Next Call

15 Oct 2020 at 102.75
15 Oct 2021 at 101.375
15 Oct 2022 at 100


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.

* The coupon divided by the price. Where the coupon is partly dependent on Libor it uses market based Libor forecasts at each coupon date over the next 12 months.
** The estimated yield from holding a bond to maturity including interest and capital repayment and assuming interest is re-invested at the same yield. Please note this calculation may be adversely affected by features in bond such as calls or prepayments. Where the coupon is partly dependent on Libor it uses market based forecasts of Libor until the maturity date.
Please note that the current yield and yield to maturity are an estimated return calculation and not guaranteed. All yields shown are gross of taxation and our Service Fee.

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

 

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