RetailTech Ocado Group plc is looking to raise £600 million via a convertible bond offering and high yield offering.
The £250m of guaranteed senior unsecured convertible bonds are due in 2029. It also intends to offer £350m of sterling-denominated senior unsecured notes due in 2029.
The bonds will be issued by Ocado and initially guaranteed by a host of its subsidiaries “with the guarantors subject to change in certain circumstances”.
Settlement and delivery of the bonds is expected to take place on or about 6th August 2024. Application is intended to be made for the bonds to be admitted to trading on the unregulated open market of the Frankfurt Stock Exchange after the closing date, but prior to the first interest payment date.
Ocado has agreed to a lock-up relating to equity and equity-related securities for a period commencing on the date hereof and ending 90 calendar days following the closing date, subject to certain exceptions.