Intention to refinance term loan

RNS Number : 5584A

Victoria PLC

22 January 2020

 

NOT 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

News Release                      

22 January 2020

THIS RELEASE CONTAINS INSIDE INFORMATION

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

Intention to refinance term loan

Leverage neutral refinancing

Following 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).

 

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 price will be determined at the time of pricing of the offering, subject to market conditions.

 

An update will follow in due course.

Current trading

 

In 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.

 

 

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

 

END

 

 

MSCFIFSRLTIFFII