Victoria PLC Refinancing of Senior Secured Notes (6137R)
March 09 2021 - 3:07AM
UK Regulatory
TIDMVCP
RNS Number : 6137R
Victoria PLC
09 March 2021
NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
NOT FOR PUBLICATION IN THE UNITED STATES. THIS ANNOUNCEMENT IS FOR
INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR A
SOLICITATION OF AN OFFER TO SELL ANY NOTES.
9 March 2021
THIS RELEASE CONTAINS INSIDE INFORMATION
Victoria PLC
("Victoria", the "Company", or the "Group")
Intention to Refinance existing Senior Secured Notes
Following the very favourable reception of its recent senior
secured note offering announced on 23 February 2021, Victoria PLC
(LSE: VCP) today announces that it intends to offer EUR250 million
in aggregate principal amount of senior secured notes due 2028 (the
"Notes"). Net proceeds will be used solely to refinance, in full,
the remainder of the Group's outstanding 2024 senior secured notes
to further improve the maturity profile of the Group's debt.
The Board wishes to highlight the following key items:
-- Leverage Neutral Transaction. The overall level of gross debt
and net debt will remain unchanged following the proposed
refinancing (subject to transaction costs and redemption
premia).
-- Further Improved Debt Maturity Profile. Following the
refinancing of the remainder of the existing 2024 senior secured
notes, which is the purpose of this offering, the earliest of the
Group's senior debt will fall due in August 2026. In conjunction
with the Group's strong cash generation, this will place Victoria
in a very robust financial position for the coming years.
-- Consistent Financial Policy. The Board stresses that
Victoria's prudent financial policy remains unchanged. The Group is
committed to its financial policy of c. 3x senior net leverage
post-completion of acquisitions, falling to 2x when in 'steady
state'.
The Notes will be the general, senior obligations of the Company
and will be guaranteed by certain of the Company's subsidiaries.
Interest on the Notes will be payable semi-annually in arrears. The
interest rate and offering price will be determined at the time of
pricing of the offering, subject to market conditions.
An update will follow in due course.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other security and
shall not constitute an offer, solicitation or sale in the United
States or in any jurisdiction in which, or to any persons to whom,
such offering, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
jurisdiction.
The Notes and the related guarantees have not been, and will not
be, registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act") and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities
Act.
This announcement may include projections and other
"forward-looking" statements within the meaning of applicable
securities laws. Any such projections or statements reflect the
current views of the Company about future events and financial
performance. The use of any of the words "expect," "anticipate,"
"continue," "will," "project," "should," "believe," "plans,"
"intends" and similar expressions are intended to identify
forward-looking information or statements. Although the Company
believes that the expectations and assumptions on which such
forward-looking statements and information are reasonable, undue
reliance should not be placed on the forward-looking statements and
information because the Company can give no assurance that such
statements and information will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties.
The forward-looking statements and information contained in this
announcement are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information future events or otherwise, unless so required by
applicable securities laws. Within the United Kingdom, this
announcement is directed only at persons having professional
experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 ("relevant persons"). The investment or investment activity to
which this announcement relates is only available to and will only
be engaged in with relevant persons and persons who receive this
announcement who are not relevant persons should not rely or act
upon it.
Manufacturer target market (MIFID II product governance; UK
MiFIR product governance) is eligible counterparties and
professional clients only (all distribution channels). No PRIIPs or
UK PRIIPs key information document (KID) has been prepared as not
available to retail investors in EEA or the United Kingdom,
respectively.
This announcement contains inside information within the meaning
of Regulation (EU) No 596/2014 of 16 April 2014 on market abuse.
The person responsible for arranging the release of this
announcement on behalf of the Company is Michael Scott, Group
Finance Director.
FOR FURTHER INFORMATION CONTACT:
Victoria PLC N+1 Singer (Nominated Adviser and
(+44 (0) 1562 749 610) Joint Broker)
Geoff Wilding (+44 (0) 207 496 3095)
Philippe Hamers Rick Thompson
Michael Scott Phil Davies
Alex Bond
Berenberg (Joint Broker) Peel Hunt (Joint Broker)
(+44 (0) 203 207 7800) (+44 (0) 207 418 8900)
Ben Wright Adrian Trimmings
Mark Whitmore Andrew Clark
Tejas Padalkar
----------------------------------
Buchanan Communications (Financial
PR)
(+44 (0) 207 466 5000)
Charles Ryland
Chris Lane
Tilly Abraham
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END
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