S&P gives Victoria notes BB-

S&P said it gave its BB- issue rating to Victoria plc’s upcoming offering of €250 million of senior secured notes. The offering follows the €500 million senior secured notes sale that Victoria completed on Feb. 25.

The agency assigned the notes a 3 recovery rating, reflecting meaningful recovery prospects (50%-70%; rounded estimate: 50%) but constrained by the large amount of outstanding debt and the company's prior-ranking revolving credit facility.

The company is expected to use the proceeds with the proceeds of 2026 notes to fully repay its 2024 notes.

“We believe this is consistent with the group's ambition to consolidate Europe's fragmented flooring products sector and penetrate the U.S. market,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.