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Victoria plans €350m bond offering as sales improve

By BFN News | 07:56 AM | Tuesday 23 February, 2021


Flooring manufacturer Victoria said it would launch a €350 million corporate bond offering, while issuing a positive trading update. The company also cited 'favourable market conditions' for offering the senior secured notes due in 2026. Proceeds would be used for general corporate purposes, in particular acquisitions, and the partial refinancing of existing debt. Earnings before interest, tax, depreciation and amortisation for the year through December were £120.0 million, above that for the last financial year to March 2020. Victoria said third-quarter revenue -- for the three months through December -- rose around 16% on a constant currency basis to £184 million year-on-year. The group's EBITDA margin post initial lockdown increased on a like-for-like basis by more than 300 basis point versus the prior year. The positive trend in margin continued further in the third quarter, Victoria said. Story provided by StockMarketWire.com

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