StockMarketWire.com - Flooring retailer Victoria said it had pulled a planned €450m bond raising after it failed to get favourable pricing.

The company, which issued a profit warning at the same time it first announced the bond, said it would continue to use its existing bank facilities.

'We embarked on the bond process in good faith and with the intention of delivering benefits for all shareholders in the form of long-term funding at an attractive, fixed interest rate,' chairman Geoff Wilding said.

'It is very disappointing that despite the positive, stable credit ratings, the indicative pricing for the bond moved unfavourably over the course of last week, particularly when there have been no fundamental changes to the group or its business.'

To be sure, Wilding said last week 'was not the board's finest hour in terms of the clarity of our communication'.


At 8:28am: [LON:VCP] Victoria PLC share price was +5.5p at 437.5p



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