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Victoria PLC (VCPLN Snr Secured 26/28's; B2 Neg/B Neg/BB+ S) {VCP LN Equity}

CONSUMER CYCLICALS
  • Downgrade from S&P to B should be no surprise given Moody's already there. Co has a "confusing" BS approach where it chose to do buybacks (£25m) after its attempted tender on bonds indicated "few holders prepared to sell at current levels" - that's despite deleveraging targets, low cash on hand & a upcoming €500m (at par) in 2026.
  • 28s are +0.4pts today at €72.8 now tad below 13% YTW/M or Z+994 - liquidity on the €250m line is thin but mids at distressed/CCC levels. Shorter 26s trade flat on yield/spread at €82.3.
  • Co reported €90m in cash & is guiding to £50m in proceeds from non-core & surplus asset sales in FY25. S&P expects positive FOCF this year & +£60-65m in FY25 net of expected capex at £65-70m.
  • It's facing a tough refi here - currently paying mid to high 3%s on both bonds. FY24 results in mid-September.
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