Victoria plc secures 90% bondholder backing for refinancing transaction
Victoria plc says it has cleared a key threshold to push ahead with its refinancing after noteholders representing more than 90% of its outstanding 3.75% senior secured notes due March 2028 joined the support agreement. The step allows the company to implement the transaction through a consent solicitation, covering €166.6 million of notes.
Highlights
- Victoria plc secured over 90% bondholder consent for the €166.6 million 3.75% 2028 senior secured notes refinancing announced on the London Stock Exchange.
- The refinancing will proceed via consent solicitation, providing speed and lower execution costs and avoiding a protracted process for stakeholders.
- Lazard & Co. Limited, Latham & Watkins LLP, and Brown Rudnick LLP are advising Victoria plc on debt structure stabilisation under the Transaction Support Agreement.
Consent threshold reached for 2028 notes
As reported by London Stock Exchange, citing the Regulatory News Service, Victoria says holders of more than 90% of its outstanding 2028 senior secured notes have acceded to the Transaction Support Agreement, meeting the level needed to carry out the refinancing by consent solicitation.The notes total €166.6 million and carry a 3.75% coupon, with maturity due in March 2028. The announcement states that the information constitutes inside information for the purposes of UK market abuse rules.
Geoff Wilding, executive chairman, says implementing the refinancing with support from 90% of bondholders is the optimal outcome because of the speed and lower cost of execution, adding that it benefits all stakeholders.
Advisers and market implications
Victoria is being advised by Lazard & Co. Limited as financial adviser, with Latham & Watkins LLP and Brown Rudnick LLP acting as legal advisers on the refinancing transaction.The update points to progress in stabilising the company's debt structure through creditor support rather than a more drawn-out process. Alec Pratt, chief financial officer, is named as the person responsible for arranging the release of the announcement on behalf of the company.
Our earlier coverage of London equities highlighted a subdued FTSE 100 session as investors balanced sector moves with inflation and central-bank policy expectations. We also pointed to notable stock-specific reactions, including EasyJet’s profit slump amid fuel-price volatility and broader uncertainty weighing on parts of the UK market.
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