Victoria Plc - comment

Market chatter confirms that £27m VIctoria RCF was auctioned yesterday, but we can't confirm if it traded. This follows a similar size piece that traded earlier this month, reportedly in the low 80s. The revolver ranks super senior to the bonds, maturing in January 2026, ahead of both bonds. The RCF benefits from a single leverage covenant, tested semi-annually if the facility is 40% drawn.