Victoria sets initial talk for €450 million five-year secured notes at 5½%-5¾% yield

By Paul A. Harris

Portland, Ore., Nov. 5 – Victoria plc set initial price talk on its €450 million offering of five-year senior secured notes (BB-/expected BB) at 5½% to 5¾%, according to a market source.

The deal is expected to price in the early to middle part of the Nov. 5 week.

Timing was moved back due to market volatility, the source said, adding that the notes offering had initially been scheduled to price on Nov. 2.

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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