Business
Intention to refinance term loan
Intention to refinance term loan.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 5584A Victoria PLC 22 January 2020 \n\nNOT FOR DISTRIBUTION TO 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\n \nNews Release \n \n22 January 2020\n \nTHIS RELEASE CONTAINS INSIDE INFORMATION\n \nVictoria PLC\n(\"Victoria\", the \"Company\", or the \"Group\")\n \nIntention to refinance term loan\n \nLeverage neutral refinancing\n \nFollowing continued strong operating performance and favourable market conditions, Victoria PLC (LSE: VCP) today announces that it intends to offer €170 million in aggregate principal amount of senior secured notes due 2024 (the \"Notes\"). Net 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 price will be determined at the time of pricing of the offering, subject to market conditions. \n \nAn update will follow in due course.\n \nCurrent trading\n \nIn the period following H1 FY20 the Group has continued to achieve positive revenue performance alongside an increase in underlying EBITDA margin of more than 200bps versus the comparable period in FY19, each on a like-for-like basis.\n \n \nThis 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...