Victoria (VCP): Refinancing of 2028 senior secured notes
This situation live
VCP Victoria
6 Nov 2025 · 2026 maturities refinanced; 2028 notes outstanding · −26% until the next step
Whilst the Company no longer has any short-term maturities, to further improve the Company's capital structure, the Board continues to progress refinancing plans for the benefit of all stakeholders in
17 Dec 2025 · 2026 notes refinanced; 2028 bonds unresolved · −29% until the next step
Refinancing the 2028 bonds remains a key objective for the business, and management continue to engage with all its capital providers to provide a solution that is advantageous to the Company/all stak
23 Feb 2026 · Still unresolved; engaging capital providers · +182% until the next step
The Company remains focused on strengthening its capital structure and continues to engage with all its capital providers to progress refinancing plans for the benefit of all stakeholders including to
8 Jul 2026 · Binding support agreement signed; completion pending · −10% until the next step
it has entered into a binding transaction support agreement (the "Transaction Support Agreement") with KED Victoria Holdings, LLC ("KED Victoria") and Wood River Capital, LLC ("Wood River", together w
21 Jul 2026 · Over 75% noteholder support; scheme route secured · +1% until the next step
meeting the necessary threshold required to implement it by way of a scheme of arrangement under Part 26 of the Companies Act 2006
24 Jul 2026 · Over 90% noteholder support; consent solicitation route · −13% until the next step
On 23 July 2026, the Company announced holders representing over 90% of its bonds maturing in March 2028 have acceded to the Transaction Support Agreement, meeting the necessary threshold required to
17 Sep 2026 · Circular posted; general meeting called for 5 October · −33% since
The Company will today publish a Circular convening a General Meeting of Shareholders which will be held at the offices of Brown Rudnick LLP, 8 Clifford Street, London, W1S 2LQ on 5 October 2026 at 1.
Refinancing of 2028 senior secured notes
Circular posted; general meeting called for 5 October
Every step · 7
- 6 Nov 2025 2026 maturities refinanced; 2028 notes outstanding – Whilst the Company no longer has any short-term maturities, to further improve the Company's capital structure, the Board continues to progress refinancing... ↗
- 17 Dec 2025 2026 notes refinanced; 2028 bonds unresolved – Refinancing the 2028 bonds remains a key objective for the business, and management continue to engage with all its capital providers to provide a solution... ↗
- 23 Feb 2026 Still unresolved; engaging capital providers – The Company remains focused on strengthening its capital structure and continues to engage with all its capital providers to progress refinancing plans for... ↗
- 8 Jul 2026 Binding support agreement signed; completion pending – it has entered into a binding transaction support agreement (the "Transaction Support Agreement") with KED Victoria Holdings, LLC ("KED Victoria") and Wood... ↗
- 21 Jul 2026 Over 75% noteholder support; scheme route secured – meeting the necessary threshold required to implement it by way of a scheme of arrangement under Part 26 of the Companies Act 2006 ↗
- 24 Jul 2026 Over 90% noteholder support; consent solicitation route – On 23 July 2026, the Company announced holders representing over 90% of its bonds maturing in March 2028 have acceded to the Transaction Support Agreement,... ↗
- 17 Sep 2026 Circular posted; general meeting called for 5 October – The Company will today publish a Circular convening a General Meeting of Shareholders which will be held at the offices of Brown Rudnick LLP, 8 Clifford... ↗
What is happening
Victoria: Refinancing of 2028 senior secured notes – Circular posted; general meeting called for 5 October. ['Circular posted; general meeting called for 5 October']
- In short
- The 2028 notes were left unresolved after the Dec 2025 refinancing. Victoria signed a support agreement on 8 July 2026 to cut senior secured and preferred liabilities by about £300m and finance costs by about £34m, extending maturities. Over 90% of noteholders have acceded, so implementation is by consent solicitation. On 17 Sep 2026 the circular was posted, with the general meeting on 5 Oct and expected completion on 10 Dec 2026.
- Announced
- 6 Nov 2025 · 2026 maturities refinanced; 2028 notes outstanding
- Latest
- 17 Sep 2026 · Circular posted; general meeting called for 5 October
- Implementation route
- Consent solicitation; completion still subject to conditions
- Board view
- Executive Chairman Geoff Wilding: overwhelming support secures a route to implementation; completion as soon as possible
- Liability reduction
- At least £300m of senior secured debt and preferred liabilities; finance costs cut by about £34m a year
- Maturity
- 2028 debt maturities extended to 2031
- Net debt/EBITDA
- 11.5x at 28 March 2026, up from 7.9x
- Timetable
- General Meeting 5 Oct; Directions Hearing 12 Oct; consent solicitation launch 30 Oct; Confirmation Hearing 1 Dec 2026
- Expected completion
- 10 December 2026, assuming resolutions pass and no adjournment
- Terms
- Notes written down to zero for new 2nd-priority notes and 34,964,689 new ordinary shares; new notes mature 5 years from issue
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Victoria – company page →