22nd Sep 2025 15:27
(Alliance News) - Victoria PLC on Monday announced an exchange notes offer to extend debt maturity and reduce borrowings.
The Worcester, England-based designer, manufacturer, and distributor of flooring products plans to offer to exchange its outstanding senior secured notes due 2028 for newly issued 12% second priority senior secured payment-in-kind notes due 2031.
The new notes have a six-year term from the date of completion, maturing in 2031 with a springing maturity ahead of any outstanding 2028 notes.
The voluntary exchange offer provides all 2028 SSNs noteholders with the opportunity to exchange into new notes at a significant premium to the current trading price of the 2028 SSNs, Victoria said in a statement.
Victoria said the offer will reduce debt by up to EUR75 million, lower ongoing cash interest costs by up to EUR6.2 million per annum and extend the company's maturity profile and reduce its 2028 SSNs maturity.
"This will further strengthen the company's capital structure and improve near-term cashflow for the benefit of all stakeholders as the company drives operational improvements through the trough of the cycle," Victoria said in a statement.
The company said its immediate focus remains on delivering self-help initiatives outlined at the recent full year results.
Shares in Victoria fell 0.6% to 68.50 pence each in London on Monday.
By Jeremy Cutler, Alliance News reporter
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