Victoria PLC Intention to refinance term loan (5584A)
22 Janeiro 2020 - 4:00AM
UK Regulatory
TIDMVCP
RNS Number : 5584A
Victoria PLC
22 January 2020
NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN
OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY
NOTES
News Release
22 January 2020
THIS RELEASE CONTAINS INSIDE INFORMATION
Victoria PLC
("Victoria", the "Company", or the "Group")
Intention to refinance term loan
Leverage neutral refinancing
Following continued strong operating performance and favourable
market conditions, Victoria PLC (LSE: VCP) today announces that it
intends to offer EUR170 million in aggregate principal amount of
senior secured notes due 2024 (the "Notes"). Net proceeds will be
used to repay the Group's outstanding senior bank debt in full and,
as such, the refinancing will not increase net debt (subject to
fees and expenses).
The Notes will be issued as additional notes under the indenture
dated 26 July 2019 governing the Company's outstanding EUR330
million aggregate principal amount of senior secured notes due
2024.
The Notes will be the general, senior obligations of the Company
and will be guaranteed by certain of the Company's subsidiaries.
Interest on the Notes will be payable semi-annually in arrears. The
offering price will be determined at the time of pricing of the
offering, subject to market conditions.
An update will follow in due course.
Current trading
In the period following H1 FY20 the Group has continued to
achieve positive revenue performance alongside an increase in
underlying EBITDA margin of more than 200bps versus the comparable
period in FY19, each on a like-for-like basis.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other security and
shall not constitute an offer, solicitation or sale in the United
States or in any jurisdiction in which, or to any persons to whom,
such offering, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
jurisdiction.
The Notes and the related guarantees have not been, and will not
be, registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act") and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities
Act.
This announcement may include projections and other
"forward-looking" statements within the meaning of applicable
securities laws. Any such projections or statements reflect the
current views of the Company about future events and financial
performance. The use of any of the words "expect," "anticipate,"
"continue," "will," "project," "should," "believe," "plans,"
"intends" and similar expressions are intended to identify
forward-looking information or statements. Although the Company
believes that the expectations and assumptions on which such
forward-looking statements and information are reasonable, undue
reliance should not be placed on the forward-looking statements and
information because the Company can give no assurance that such
statements and information will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties.
The forward-looking statements and information contained in this
announcement are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information future events or otherwise, unless so required by
applicable securities laws. Within the United Kingdom, this
announcement is directed only at persons having professional
experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 ("relevant persons"). The investment or investment activity to
which this announcement relates is only available to and will only
be engaged in with relevant persons and persons who receive this
announcement who are not relevant persons should not rely or act
upon it.
Manufacturer target market (MIFID II product governance) is
eligible counterparties and professional clients only (all
distribution channels). No PRIIPs key information document (KID)
has been prepared as not available to retail in EEA.
This announcement contains inside information within the meaning
of Regulation (EU) No 596/2014 of 16 April 2014 on market abuse.
The person responsible for arranging the release of this
announcement on behalf of the Company is Michael Scott, Group
Finance Director.
FOR FURTHER INFORMATION CONTACT:
Victoria PLC Cantor Fitzgerald Europe (Nominated
(+44 (0) 1562 749 610) Adviser and Joint Broker)
Geoff Wilding (+44 (0) 20 7894 7000)
Philippe Hamers Rick Thompson, Phil Davies, Will
Michael Scott Goode (Corporate Finance)
Caspar Shand Kydd, Andrew Keith
(Equity Sales)
Berenberg (Joint Broker) Peel Hunt (Joint Broker)
(+44 (0) 203 207 7800) (+44 (0) 20 7418 8900)
Ben Wright, Mark Whitmore, Laure Adrian Trimmings
Fine (Corporate Broking) George Sellar
Andrew Clark
------------------------------------
Buchanan Communications (Financial
PR)
(+44 (0) 20 7466 5000)
Charles Ryland
Victoria Hayns
Tilly Abraham
------------------------------------
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFIFSRLTIFFII
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January 22, 2020 02:00 ET (07:00 GMT)
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