Victoria (LSE:VCP) confirmed that holders of more than 75% of its outstanding €166.6 million 3.75% senior secured notes due March 2028 have signed up to its Transaction Support Agreement.
The international flooring group said the backing meets the threshold required to implement the refinancing through a scheme of arrangement under Part 26 of the Companies Act 2006.
The update follows Victoria's initial announcement on 8 July, when it first set out the terms of the proposed transaction.
"We are delighted to receive overwhelming support so quickly for the transaction from the 2028 bondholders, which secures a route to implementation," said Geoff Wilding, Executive Chairman.
Wilding added that the company would move to complete the refinancing as soon as possible, pointing to the cost savings, deleveraging and extended runway the deal is expected to deliver alongside ongoing operational improvements.
Victoria is being advised by Lazard & Co as financial adviser, with Latham & Watkins and Brown Rudnick acting as legal advisers on the transaction.
News Intelligence what this means for the company
Victoria has secured the 75% bondholder threshold needed to execute its debt restructuring via scheme of arrangement, clearing a critical legal hurdle. The refinancing replaces €166.6m of 2028 notes with new 2031 second-priority notes, extending the maturity by three years and giving the company breathing room to execute cost reductions and deleveraging initiatives announced in 2026.
The threshold win removes execution risk from the refinancing and materially extends Victoria's debt runway from March 2028 to 2031. Combined with the Belgian distribution centre sale-leaseback completed in July and ongoing operational improvements, this shifts the company from near-term refinancing pressure to a three-year window to stabilize operations and reduce leverage.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
