Flooring group Victoria has replaced its £150m credit facility with one that gives it more borrowing flexibility.
The move is ‘a significant step forward in the company’s plan to strengthen its financial position and address its near-term debt maturities,’ it says after agreeing the £130m package.
‘The new facility combines both term loan and revolving credit elements and offers considerably enhanced flexibility compared to the existing RCF. The new facility has no maintenance covenants or drawing restrictions, and the entire facility will therefore be available to the company upon satisfying certain funding conditions and completion of long-form documentation.
‘The board is very pleased with the pricing, duration [which was not disclosed], and operational flexibility the new facility offers as it ensures Victoria is well-positioned to meet its future operational and financial objectives,’ it says.
Image: Abingdon Flooring
