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 €75 million, lower ongoing cash interest costs by up to €6.2 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.
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