Victoria PLC, the international flooring group, has received ‘overwhelming’ support for its new refinancing agreement.
The group confirmed that holders representing over 75% of its outstanding €166.6 million 3.75% senior secured notes due March 2028 have acceded to the Transaction Support Agreement, meeting the necessary threshold required to implement it by way of a scheme of arrangement under Part 26 of the Companies Act 2006.
Victoria PLC has entered into a binding transaction support agreement with KED Victoria Holdings, LLC and Wood River Capital, LLC and holders (representing approximately 2/3rds as stated above).
Geoff Wilding, Executive Chairman, said: “We are delighted to receive overwhelming support so quickly for the transaction from the 2028 bondholders, which secures a route to implementation.
“We will complete the refinancing as soon as possible as the Company continues to focus on executing operational improvements alongside the cost savings, deleveraging, and extended runway provided by the transaction.”
Victoria PLC is advised by Lazard & Co. Limited as financial adviser, Latham & Watkins LLP and Brown Rudnick LLP as legal advisers in connection with the Refinancing Transaction.
