Victoria plans to offer €330 million of five-year senior notes

By Rebecca Melvin

New York, July 15 – Victoria plc plans to offer €330 million of five-year fixed-rate senior notes (BB-) as market conditions and company performance are favorable, according to a company news release.

Proceeds of the notes will be used for refinancing and will be leverage neutral.

The company said that it had flexibility to replace a proportion of its long-term debt financing, and that the board “believes timing is suitable for a bond issue.”

Revenue has grown in its soft flooring and ceramic tile businesses and, with the successful completion of the major integration and synergy projects begun last year, margins have increased by more than 100 basis points, compared to the year ended March 30, 2019, the company said.

The planned notes will stand alongside the company’s other long-term credit facilities provided by a number of relationship banks.

The flooring company is based in Kidderminster, England.

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