Victoria starts roadshow for €450 million five-year secured notes

By Paul A. Harris

Portland, Ore., Oct. 29 – Victoria plc started a roadshow on Monday for a €450 million offering of five-year senior secured notes (expected ratings BB-/BB), according to a market source.

The roadshow wraps up on Thursday.

Joint global coordinator HSBC will bill and deliver for the Rule 144A and Regulation S offering. Barclays is also a joint global coordinator. NatWest Investments is a bookrunner.

The notes come with two years of call protection, and feature a 101% poison put.

The Kidderminster, England-based flooring company plans to use the proceeds, together with cash on hand, to repay the bridge facility used to fund its acquisition of Spain-based tile manufacturer Ceramica Saloni.

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