30th Apr 2019 10:22
LONDON (Alliance News) - Flooring firm Victoria PLC on Tuesday announced new debt financing, replacing its existing EUR445 million debt facility.
Victoria has signed the long-term funding, running to 2024, with Credit Suisse, working alongside existing lenders.
Chair Geoff Wilding commented: "We are pleased to have secured such an attractive new financing commitment, which provides the group with long-term financing certainty and strategic flexibility to continue to execute its growth strategy.
"The board has been evaluating a number of alternative debt finance proposals in recent months and has chosen this option due to the improved combination of pricing, covenant flexibility, duration, and access to additional funding to support further growth."
Victoria didn't provide cost details for the new debt facility or its exact size.
Victoria shares were 5.7% higher on Tuesday morning at a price of 518.00 pence each.
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