10th Mar 2021 18:07
Victoria PLC - Worcestershire-headquartered flooring firm - Prices offering of EUR250 million in aggregate principal amount of 3.75% fixed rate senior secured notes due 2028.
Pricing is only 0.125% above the recently issued 2026 notes, despite the longer maturity of seven years.
Proceeds from notes will refinancing the remainder of the group's outstanding 2024 notes and improve the maturity profile of the group's debt.
"We are delighted with the level of support shown again from bond investors, which has enabled the entire EUR250 million issue to be placed in less than a day. Apart from the 1.58% average coupon reduction, which saves the group GBP7 million of annual interest cost versus the original 2024 notes, completion of this refinancing means that the earliest of the group's senior debt will not fall due until August 2026, with the notes issued today not due until March 2028," said Executive Chair Geoff Wilding.
Current stock price: 785.00 pence
Year-to-date change: up 20%
By Dayo Laniyan; [email protected]
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