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(Alliance News) -Victoria PLC on Wednesday said it intends to offer EUR170 million in aggregate principal amount of senior secured notes due 2024.
The flooring designer, manufacturer and distributor said the net proceeds will be used to repay its outstanding senior bank debt, so the notes issue will not "increase net debt".
They will be issued as additional notes to the EUR330 million senior secured notes the company issued in July, also due 2024.
The offering price, subject to market conditions, will be determined at the time of pricing the offer, Victoria said.
Moody's Investors Service separately on Wednesday said Victoria's B1 corporate family rating and B1-PD probability of default rating will be unaffected by the notes issue.
The B1 instrument rating in the existing EUR330 million notes were also unchanged, as was the stable outlook.
Moody's said: "The rating agency views the transaction as credit neutral and expects no significant changes to the company's interest expense or leverage."
Shares in the company were 4.0% higher at 430.50 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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