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Sparks commentary - Victoria

Consumer

Sparks - Victoria

More on this equity
Victoria (LSE: VCP) voluntary exchange offer for 2028 notes
Published by Russell Pointon

Victoria has announced a voluntary exchange offer for its existing 2028 senior secured notes (currently c €167m outstanding) into newly issued senior priority secured payment in kind notes due in 2031. The company is extending the maturity of its debt at a higher interest rate: the new notes will bear interest at 12% per year, to be paid in kind, versus the current interest rate of 3.75% borne by the existing 2028 notes. If fully accepted, the exchange will reduce the company’s debt by up to €75m, and reduce its ongoing cash interest costs by up to €6.2m per year.

The company is offering a significant premium to the current trading price of the 2028 notes, (€550 per €1,000 prior to the early tender deadline or €525 per €1,000 prior to expiration time) but it is worth highlighting this remains at a significant discount to the face value of the debt. The early tender deadline is 5pm on 3 October 2025, and the expiration time is 5pm on 20 October 2025.

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