Victoria Plc - comment

Deal is done, and the proverbial can is kicked down the road. We maintain that this deal only offers a short-term improvement in liquidity and eases the interest burden; however, underlying leverage remains elevated at approximately 9.0x (including factoring). 

Victoria Plc announced the successful extension of the 2026 debt maturities to a springing maturity, with a nominal maturity of July 2029. The super-senior RCF has a maturity date of January 2030. However, with the 2028 bond, now subordinated, maturing in March 2028, A more comprehensive restructuring is likely to be necessary by late 2027.