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(Sharecast News) - Victoria announced on Monday that it has secured a new £130m super senior facility, replacing its existing revolving credit facility that was due to mature in February 2026.
The AIM-traded company said the new arrangement represented a key milestone in its efforts to strengthen its financial position and address near-term debt maturities.
It said the new facility combined term loan and revolving credit components and offered significantly greater flexibility than the previous arrangement.
The new facility carries no maintenance covenants or drawing restrictions, with the full facility available once standard funding conditions are met and long-form documentation is completed.
Victoria said the terms of the new facility, including pricing and duration, are favourable and will support the company in meeting its operational and financial objectives.
The company also reported that discussions regarding the refinancing of its senior secured notes were progressing well and were at an advanced stage, with further updates expected shortly.
Victoria said that it remained committed to executing its strategy to enhance shareholder value, with the new financing marking a substantial step forward.
At 0915 BST, shares in Victoria were up 7.24% at 72.82p.
Reporting by Josh White for Sharecast.com.
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