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European Capital subsidiary ECAS s.a.r.l has completed the re-financing of £31 million in senior secured credit facilities of portfolio company Miles 33 Group, a UK-based supplier of computer software to the publishing sector.

The re-financing, completed on 7 September, follows the £65 million management buy-out of Miles 33 on 11 June 2007. Equity provider European Capital invested £57 million alongside the company’s management and the previous owner.

Co-lead arrangers Bank of Ireland and Lloyds TSB each provided £15 million of loan term facilities, with Lloyds providing an additional £1 million revolving credit facility.

Following the re-financing, European Capital holds a £28 million investment in Miles 33, consisting of equity, a loan note and mezzanine debt.

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