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Victoria launches consent solicitations and exchange offer for notes

Published 24/07/2025, 07:18
Victoria launches consent solicitations and exchange offer for notes
VCP
0.33%

LONDON - Victoria PLC (LSE:VCP) announced on Thursday that it has commenced concurrent consent solicitations and an exchange offer for its outstanding senior secured notes as part of a broader refinancing transaction.

The company is seeking approval from eligible holders of its €488.9 million outstanding 3⅝% Senior Secured Notes due 2026 and €250 million 3¾% Senior Secured Notes due 2028 to amend the indenture governing these notes.

The refinancing plan is supported by binding transaction support agreements with noteholders representing over 90% of the outstanding 2026 Notes and more than 77% of both the 2026 and 2028 Notes combined.

Victoria’s "Majority Consent Solicitation" seeks to delete substantially all incurrence-based covenants from the existing indenture and establish a subordination agreement that would prioritize payments to holders of new notes. This solicitation will expire on July 30, 2025.

Concurrently, the "2026 Notes Consent Solicitation" seeks approval from holders of at least 90% of the 2026 Notes to reduce the interest rate to 1% per annum and extend the maturity date to August 2031.

Eligible holders of 2026 Notes who consent can exchange their notes for new Senior Secured Notes due 2029 bearing interest at 9.875% per annum. Those who participate by August 6, 2025, will be eligible for additional consideration in the form of new notes.

The company has appointed GLAS Trust Company LLC as the new trustee for the existing notes following the resignation of Deutsche Trustee Company Limited.

The consent solicitations and exchange offer are limited to qualified institutional buyers and non-U.S. persons outside the United States who meet specific eligibility requirements.

This article is based on a press release statement from Victoria PLC. The company’s flooring manufacturing operations span across the UK, Europe, the USA, and Australia.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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