Victoria Plc - comment

As part of Victoria’s announcement on a new CFO, the Company also commented on its refinancing proposals, stating the negotiated refinancing of Victoria’s debt is well advanced. The differential between the 2026 & 2028 has widened substantially over the last couple of months on an expectation that a refinancing of the 2026 will layer the 2028 bonds. However, we remain doubtful that this approach is only a stop-gap measure. The appointment of a new CFO, with no restructuring experience is “brave” unless a deal is near completion. 

Victoria’s current CFO, Brian Morgan is seeking a new role outside the Company, leaving in June. Alec Pratt will be appointed in June, joining from Deutsche Bank, where he was most recently the co-head of EMEA Financial Sponsor M&A, having previously worked at JPMorgan and Numis.