Business
Announcement of pricing of secured notes
Announcement of pricing of secured notes.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 6571A Victoria PLC 23 January 2020 \n\nNOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES (OR TO U.S. PERSONS) OR ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY NOTES\nNews Release \n \n23 January 2020\n \nTHIS RELEASE CONTAINS INSIDE INFORMATION\n \nVictoria PLC\n(\"Victoria\", the \"Company\", or the \"Group\")\n \nAnnouncement of pricing of €170 million senior secured notes\n \nVictoria PLC (LSE: VCP) is pleased to announce today that it has successfully priced an offering of €170 million in aggregate principal amount of 5¼% fixed rate senior secured notes due 2024 (the \"Notes\") at a price of 105.000%. \n \nNet proceeds will be used to repay the Group's outstanding senior bank debt in full and, as such, the refinancing will not increase net debt (subject to fees and expenses).\n \nThe Notes will be issued as additional notes under the indenture dated 26 July 2019 governing the Company's outstanding €330 million aggregate principal amount of senior secured notes due 2024.\n \nThe 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 offering of the Notes is expected to close and the Notes are expected to be issued on or about 3 February 2020, subject to customary conditions precedent for similar transactions.\nThe Chairman, Geoff Wilding, commenting on the completion of the bond issue said: \n\"Since our successful bond issue in July last year, Victoria's bond price has traded strongly higher, which we believe reflects Victoria's solid interim trading results announced in November and the financial outlook for the Group.\n\nWe were delighted with the level of support today from bond investors. The issue was again heavily oversubscribed, enabling us to issue the bonds at a 5% premium to their face value, and we thank them for their support and conf...