Successful extension of 2026 maturities
Victoria extends 2026 debt maturities with €612m notes due 2029 and £130m facility due 2030.
- Senior Secured Notes issued €612 million (£528 million)
- Interest rate on notes 9.875%
- Notes maturity July 2029
- New super senior credit facility £130 million
- Credit facility maturity January 2030
- Expected annual EBITDA improvements from self-help £70m
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The Refinancing replaces Victoria's near-term senior debt maturities with €612million (£528 million1) of 9.875% Senior Secured Notes due July 2029, and a new £130 million super senior credit facility maturing in January 2030.
The completion of the Refinancing is a key milestone for the Company and provides certainty for all stakeholders. It:
- Releases additional liquidity to invest in growth and margin improvement initiatives
- Provides significant maturity runway for the Company to allow time for execution of self-help operational improvement measures
- Delivers a strong, long-term solution to the Company's capital structure, reiterating the support from all partners and external stakeholders
The board remains confident in the medium-term recovery of both volume and pricing across its end-markets, and in the near-term remains focused on rebuilding the Company's credit rating, generating cash to deleverage and delivering self-help initiatives outlined at the recent full year results (which once complete expected to deliver £70m annual EBITDA improvements vs FY2025).
1 Exchange rate of £1 = €1.1579
The person responsible for arranging the release of this announcement
on behalf of the Company is Alec Pratt, Chief Financial Officer
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.