Business
Update on Bond
Update on Bond.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 4528G Victoria PLC 06 November 2018 \n\n \nFor Immediate Release 06 November 2018\n \nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \nVictoria PLC\n('Victoria' or the 'Group')\n \nUpdate on Bond\n \n \nThe board of Victoria (\"the Board\"), the international designers, manufacturers, and distributors of innovative flooring, confirms that it has resolved to continue with the Company's existing bank facilities, rather than refinance them with a senior secured note (\"the Bond\") as proposed last week. Whilst we continue to believe that, in terms of structure, the Bond would have been suitable for the Group to meet its long-term financing objectives, the indicative pricing for the Bond, which was higher than had been anticipated, was such that it did not warrant changing the Group's debt financing arrangements at this time.\n \nGeoff Wilding, Chairman of Victoria PLC, commented:\n \n\"We embarked on the Bond process in good faith and with the intention of delivering benefits for all shareholders in the form of long-term funding at an attractive, fixed interest rate.\n \nIt is very disappointing that despite the positive, stable credit ratings, the indicative pricing for the Bond moved unfavourably over the course of last week, particularly when there have been no fundamental changes to the Group or its business.\n \nI want to reassure shareholders that, as ...