Victoria Plc - comment

Victoria confirmed that holders representing more than 75% of the €166.6m 2028 Senior Secured Notes have signed the Transaction Support Agreement, clearing the threshold required to implement the refinancing via a UK scheme of arrangement.

The announcement contains no new information and simply confirms that the refinancing can now proceed towards completion, extending debt maturities. It does not materially change our assessment of the credit. The transaction remains primarily a reshuffling of liabilities and an equity redistribution rather than meaningful deleveraging, and we do not expect this update to materially alter bond trading levels.