Victoria extends 2026 senior secured notes maturity to 2029

LONDON - Victoria PLC (LSE:VCP), a designer and manufacturer of flooring products, announced Thursday it has agreed to refinance its €489 million senior secured notes due 2026, extending the maturity to 2029.

The refinancing transaction has secured support from more than 90% of the company’s 2026 senior secured note holders prior to launch. The agreement will exchange the existing 3.625% notes for new 9.875% first priority senior secured notes due 2029.

Victoria plans to launch public consent solicitations and a public exchange offer, giving all eligible holders of outstanding 2026 notes the opportunity to exchange into the new notes at par plus fees. Any remaining 2026 notes will have their maturity extended to 2031, pending consent solicitation outcomes.

The company has entered binding transaction support agreements with noteholders representing over 90% of the 2026 notes and more than 50% of total senior secured notes outstanding.

According to the company, the refinancing provides additional liquidity to accelerate cost savings initiatives, maximizes near-term cash flow for growth investments, and establishes a long-term capital structure without diluting equity holders.

"The refinancing is a great outcome for Victoria, its shareholders and broader stakeholders," said Geoff Wilding, Executive Chairman. "This positions Victoria for long-term success, strengthens our liquidity, and gives us both the time and flexibility to execute our targeted cost-saving initiatives and strategic growth plans."

This announcement follows the company’s recent refinancing of its Super Senior Revolving Credit Facility. Victoria PLC is being advised by Lazard (NYSE:LAZ) & Co., Ltd as independent financial advisor and Latham & Watkins LLP as legal advisor.

The information in this article is based on a press release statement from Victoria PLC.

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