TIDMVCP
RNS Number : 7092R
Victoria PLC
10 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NOT FOR PUBLICATION IN THE UNITED STATES.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.
10 March 2021
Victoria PLC
("Victoria", the "Company", or the "Group")
Announcement of pricing of EUR250 million senior secured notes
due 2028
Refinancing of Existing Debt at a Reduced Coupon
Victoria PLC (LSE: VCP) is pleased to announce that it has
successfully priced an offering of EUR250 million in aggregate
principal amount of 3.75% fixed rate senior secured notes, due 2028
(the "Notes"). The offer, which was announced this morning, is
leverage neutral (subject to transaction costs and redemption
premia).
The Board of Victoria is delighted with this outcome, with
pricing only 0.125% above the recently issued 2026 notes, despite
the longer, 7-year, maturity.
Net proceeds from the issuance of the Notes will be used solely
to refinance, in full, the remainder of the Group's outstanding
5.25% senior notes due 2024 (the "2024 Notes") to further improve
the maturity profile and cost of the Group's debt. On completion of
the refinancing, the Group's senior secured notes will have a
weighted average coupon of 3.67%, which represents a full 1.58% in
savings compared to the 2024 Notes.
The Notes will be issued at par and 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 offering of the Notes is expected to
close and the Notes are expected to be issued on or about 19 March
2021, subject to customary conditions precedent for similar
transactions.
Geoff Wilding, Executive Chairman of Victoria, commented:
"We are delighted with the level of support shown again from
bond investors, which has enabled the entire EUR250 million issue
to be placed in less than a day. Apart from the 1.58% average
coupon reduction, which saves the Group c.GBP7 million of annual
interest cost versus the original 2024 notes, completion of this
refinancing means that the earliest of the Group's senior debt will
not fall due until August 2026, with the notes issued today not due
until March 2028. It is the Board's view that these long-dated
bonds, in conjunction with the Group's strong cash generation,
places Victoria in a very robust financial position.
Finally, the Board advises that trading continues to be
resilient since the start of the calendar year despite the UK
lockdowns, and looks forward to updating shareholders 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.
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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