Ocado Group PLC has announced the results of its invitation to holders of its 0.875% Guaranteed Senior Unsecured Convertible Bonds due 2025 and 3.875% Guaranteed Senior Unsecured Notes due 2026 to tender the notes for purchase in cash. The offers were launched on 29 July 2024 and expired on 6 August 2024. At the expiration deadline, a total of 703,516,000 aggregate principal amount of notes had been validly tendered, with a total purchase consideration of 654,269,880.
The breakdown of the tendered notes includes 427,200,000 aggregate principal amount of Convertible Bonds and 276,316,000 aggregate principal amount of 2026 Notes. Both series of notes were accepted for purchase at a purchase price of 93.00 per cent. In addition to the purchase price, the Issuer will pay accrued and unpaid interest from and including the relevant interest payment date to but excluding the settlement date for the notes accepted for purchase.
Noteholders whose notes have been validly tendered and accepted for purchase by the Issuer are eligible to receive the purchase price plus accrued and unpaid interest on those notes from the relevant interest payment date for such series of notes up to the settlement date. The Issuer expects to make payment for the notes of each series validly tendered and accepted for purchase on 13 August 2024, subject to satisfaction in full or waiver of the New Offerings Condition and the General Conditions.