Victoria fills acquisition war chest with general purpose bond

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By Owen Sanderson
23 Feb 2021

Victoria plc, the UK listed carpet maker, is marketing a new bond with most of the proceeds earmarked for cash on balance sheet, an unusual move in the high yield market, where deals are typically aimed at refinancing or specific corporate actions. The company says it will be on the hunt for acquisition opportunities, funded by the Koch Brothers’ preferred equity injection last year as well as the new debt.

The secured bond on offer is a €350m long five year, with two years of call protection, and will be rated BB-/B1/BB.

Though UK-based, Victoria also has operations in Spain, Italy, and Australia, giving it a natural need for euros not present in some other UK-based high yield ...

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