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(Sharecast News) - Victoria announced the successful refinancing of its near-term debt maturities on Wednesday, replacing them with ¬612m of 9.875% senior secured notes due July 2029 and a new £130m super senior credit facility maturing in January 2030.
The AIM-traded flooring company said the refinancing provided a "long-term solution" to its capital structure, extended its maturity profile and released liquidity for growth investment and margin improvement initiatives.
It added that the transaction gave it time to implement operational measures expected to deliver £70m in annual EBITDA improvements once completed.
Victoria said it was confident in a medium-term recovery in both volume and pricing across its end markets, with near-term priorities focused on rebuilding its credit rating, generating cash to reduce debt and delivering the operational initiatives outlined at its full-year results.
At 1154 BST, shares in Victoria were down 3.28% at 70.7p.
Reporting by Josh White for Sharecast.com.
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