REG - Victoria PLC - Successful extension of 2026 maturities

VictoriaAnnouncement

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RNS Number : 7634W  Victoria PLC  27 August 2025

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of MAR

 

Victoria PLC

('Victoria' or the 'Company')

 

Victoria PLC confirms the successful extension of 2026 maturities

 

The Refinancing replaces Victoria's near-term senior debt maturities
with €612million (£528 million(1)) of 9.875% Senior Secured Notes due
July 2029, and a new £130 million super senior credit facility maturing in
January 2030.

 

The completion of the Refinancing is a key milestone for the Company and
provides certainty for all stakeholders. It:

·      Releases additional liquidity to invest in growth and margin
improvement initiatives

·    Provides significant maturity runway for the Company to allow time
for execution of self-help operational improvement measures

·    Delivers a strong, long-term solution to the Company's capital
structure, reiterating the support from all partners and external stakeholders

 

The board remains confident in the medium-term recovery of both volume and
pricing across its end-markets, and in the near-term remains focused on
rebuilding the Company's credit rating, generating cash to deleverage and
delivering self-help initiatives outlined at the recent full year results
(which once complete expected to deliver £70m annual EBITDA improvements vs
FY2025).

 

(1) Exchange rate of £1 = €1.1579

 

Cautionary Statement

This announcement and the information contained herein are for information
purposes only and do not constitute a prospectus or an offer to sell, or a
solicitation of an offer to buy or subscribe for, any securities in the United
States of America or in any other jurisdiction.

 

This press release does not constitute or form part of and should not be
construed as (i) a tender or exchange offer for, or an offer to sell, or a
solicitation of an offer to buy and securities or (ii) an offer of, an
invitation to offer, or a solicitation of an offer to buy, securities for sale
in the United States of America or in any other jurisdiction or an inducement
to enter into investment activity. No part of this press release, nor the fact
of its distribution, should form the basis of, or be relied on in connection
with, any contract or commitment or investment decision whatsoever.

 

This announcement contains inside information within the meaning of Regulation
(EU) No 596/2014 of 16 April 2014 on market abuse.

 

Forward Looking Statements

This announcement includes "forward-looking statements". Forward-looking
statements are based on the Company's beliefs and assumptions and on
information currently available to the Company, and include, without
limitation, statements regarding the Company's business, financial condition,
strategy, results of operations, certain of the Company's plans, objectives,
assumptions, expectations, prospects and beliefs and statements regarding
other future events or prospects. Forward-looking statements include all
statements that are not historical facts and can be identified by the use of
forward-looking terminology such as the words "believe," "expect," "plan,"
"intend," "seek," "anticipate," "estimate," predict," "potential," "assume,"
"continue," "may," "will," "should," "could," "shall," "risk" or the negative
of these terms or similar expressions that are predictions of or indicate
future events and future trends. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. You are cautioned that
forward-looking statements are not guarantees of future performance and that
the Company's actual results of operations, financial condition and liquidity
and the development of the industry in which the Company operates may differ
materially from those made in or suggested by the forward-looking statements
contained in this press release. The Company undertakes no obligation, and
does not intend to update these forward-looking statements.

 

Victoria PLC is advised by Lazard & Co., Ltd in its capacity as
independent financial advisor and Latham & Watkins LLP in its capacity as
legal advisor.

 

The person responsible for arranging the release of this announcement

on behalf of the Company is Alec Pratt, Chief Financial Officer

 

 

For more information contact:

 

 Victoria PLC                                                    www.victoriaplc.com/investors-welcome

                                                               (http://www.victoriaplc.com/investors-welcome)
 Geoff Wilding, Executive Chairman

                                                               Via Walbrook PR
 Philippe Hamers, Chief Executive Officer

 Alec Pratt, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser & Joint Broker)       +44 (0)20 7496 3095

 Rick Thompson, Phil Davies, James Fischer

 Berenberg (Joint Broker)                                        +44 (0)20 3207 7800

 Ben Wright, Harry Nicholas, Tom Ballard

 Walbrook PR (Joint Investor Relations)                          +44 (0)20 7933 8780 or victoria@walbrookpr.com

                                                               (mailto:victoria@walbrookpr.com)
 Paul McManus, Alice Woodings

                                                                 +44 (0)7980 541 893 / +44 (0)7407 804 654

 Edelman Smithfield (Joint Investor Relations)                   +44 (0)7970 174 252 or

 Alex Simmons                                                    alex.simmons@edelmansmithfield.com (mailto:alex.simmons@edelmansmithfield.com)

 

About Victoria PLC (www.victoriaplc.com (http://www.victoriaplc.com) )

 

Established in 1895 and listed since 1963 and on AIM since 2013 (VCP.L),
Victoria PLC, is an international manufacturer and distributor of innovative
flooring products. The Company, which is headquartered in Worcester, UK,
designs, manufactures and distributes a range of carpet, flooring underlay,
rugs, ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring
accessories.

 

Victoria has operations in the UK, Spain, Italy, Belgium, the
Netherlands, Germany, Turkey, the USA, and Australia and employs
approximately 5,350 people across more than 30 sites. Victoria is Europe's
largest carpet manufacturer and the second largest in Australia, as well as
the largest manufacturer of underlay in both regions.

 

The Company's strategy is designed to create value for its shareholders and is
focused on consistently increasing earnings and cash flow per share via
acquisitions and sustainable organic growth.

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