Announcement of pricing of secured notes

RNS Number : 6571A

Victoria PLC

23 January 2020

 

NOT 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

News Release                       

23 January 2020

THIS RELEASE CONTAINS INSIDE INFORMATION

Victoria PLC
("Victoria", the "Company", or the "Group")

Announcement of pricing of €170 million senior secured notes

Victoria 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%.

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).

 

The 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.

 

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 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.

The Chairman, Geoff Wilding, commenting on the completion of the bond issue said:

"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.

We 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 confidence in Victoria's strategy and potential.

Following today's issue, which is leverage neutral, the Group is fully financed with long-dated (July 2024), fixed rate, flexible debt. The Group will continue to execute its strategy to create shareholder value."

The person responsible for arranging the release of this announcement on behalf of the Company is Michael Scott, Group Finance Director.

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) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.

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 ([phone]) Geoff Wilding Philippe Hamers Michael Scott	Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) ([phone]) Rick Thompson, Phil Davies, Will Goode (Corporate Finance) Caspar Shand Kydd, Andrew Keith (Equity Sales)
Berenberg (Joint Broker) ([phone]) Ben Wright, Mark Whitmore, Laure Fine (Corporate Broking)	Peel Hunt (Joint Broker) ([phone]) Adrian Trimmings George Sellar Andrew Clark
Buchanan Communications (Financial PR) ([phone]) Charles Ryland Victoria Hayns Tilly Abraham

 

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