Ocado Group PLC has announced the launch of a proposed High Yield Bond Offering, including senior unsecured notes due 2029 and guaranteed senior unsecured convertible bonds due 2029. The net proceeds from the offerings, along with cash from the balance sheet, are intended to fund the purchase of a portion of Ocado's outstanding convertible bonds due 2025 and senior unsecured notes due 2026. The company aims to use any excess funds to reduce leverage over time, thereby extending the maturity profile of its debt. However, there is no assurance that the financing transactions will be completed.
The New Convertible Bonds are being offered only to non-US persons located outside the United States. The company's Chief Financial Officer, Stephen Daintith, stated, "These financing transactions are intended to extend the maturity profile of Ocado's debt." The company's Head of Investor Relations, Nick Coulter, and Head of Communications, Jamie Kerr, are available for further information.
Ocado Group is a UK-based technology company that provides end-to-end online grocery fulfillment solutions to major retailers globally. It holds a 50% share of Ocado Retail Ltd in the UK in a Joint Venture with Marks & Spencer. The company has been investing in a wide technology estate that includes robotics, AI & machine learning, simulation, forecasting, and edge intelligence.
The securities referred to in the announcement have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to US persons. Additionally, no securities are intended to be offered, sold, or otherwise made available to any retail investor in the European Economic Area.