Ocado Group PLC Announces Maximum Spend Amount for Tender Offer

Ocado Group PLC has announced the maximum spend amount in connection with invitations to holders to tender certain notes for purchase in cash. The company has invited holders of its outstanding Convertible Bonds and 2026 Notes to tender such Notes for purchase by the Issuer for cash at the applicable Purchase Price. The Maximum Spend Amount in respect of the Offers is 700 million, and Ocado reserves the right to increase or decrease the amount at its discretion.

The Offers commenced on 29 July 2024 and will expire at 4.00 p.m. (British Summer Time) on 6 August 2024, with settlement expected to take place on 13 August 2024. The results of the Offers will be announced soon after the Expiration Deadline. BNP PARIBAS and Goldman Sachs International are acting as Dealer Managers for the Tender Offer, and Kroll Issuer Services Limited is acting as Tender Agent. Lazard & Co., Limited is acting as an independent financial adviser to Ocado Group plc in relation to the Offers and the New Offerings.

Ocado Group is a UK-based technology company that provides end-to-end online grocery fulfillment solutions to thirteen of the world's largest grocery retailers. It holds a 50% share of Ocado Retail Ltd in the UK in a Joint Venture with Marks & Spencer. The company has spent two decades innovating for grocery online, investing in a wide technology estate that includes robotics, AI & machine learning, simulation, forecasting, and edge intelligence.

For further information about Ocado, the Tender Offer, and the company's financial advisors, interested parties can visit the company's website or contact the Dealer Managers for more details.

This announcement was made by Neill Abrams, Group General Counsel and Company Secretary at Ocado Group plc.