Business
Statement regarding Potential Financing
Statement regarding Potential Financing.
About this update from Ocado Group Plc
[{"type":"text","content":"\n \nRNS Number : 7857H Ocado Group PLC 12 June 2017 \n\n\n \n \nOCADO GROUP PLC\n \n12 June 2017\nPotential Financing Transaction and Financial Summary\nOcado Group plc (\"Ocado\") today launches an offering of senior secured notes that would be issued with customary high yield terms (the \"Offering\") and the amendment and extension of our Revolving Credit Facility (conditional on the completion of the Offering) (the \"Financing Transactions\"). To support this offering, Ocado announces its financial summary statement for the 22 weeks ended 30 April 2017 (\"P5 2017\").\nAn offering memorandum has been prepared in connection with the Offering, which includes further details on the Offering and Financing Transactions and is available to eligible persons on the corporate website of Ocado (www.ocadogroup.com) from today.\nThese Financing Transactions are intended to extend the maturity profile of Ocado's debt and diversify its sources of funding. The Board believes that with its continued strong trading, increased scale and profitability, Ocado can benefit from the historically low financing costs in the public debt markets to put in place longer maturity financing on attractive terms. The proceeds of the Offering will support the continued growth of our UK retail capacity, and further improvements to our proprietary platform. \nContacts\nDuncan Tatton-Brown, Chief Financial Officer, on 01707 228 000\nDavid Hardiman-Evans, Head of IR & Corporate Finance, on 01707 228 000 \nMichelle Clarke or Susanna Voyle, Tulchan Communications, on 020 7353 4200\n \nFinancial Calendar\nOur financial reporting calendar for the remainder of the year will be a Half Year Results Statement on 5 July 2017, a Q3 Trading Statement on 19 September 2017 and a Q4 Trading Statement on 14 December 2017.\n\n\n \nFinancial and Statutory Highlights \nIt is important to note for comparability purposes that the P5 2017 trading period had 22 trading weeks, whereas the trading period ended 17 April 2016 had 20 weeks (\"P5 2016\"). This is because in November 2016, Ocado decided for financial years from 2017 onwards to move from a financial calendar comprising 13 four weekly accounting periods to a financial calendar of 12 accounting periods where each quarter comprises three periods of 5 weeks, 4 weeks and 4 weeks.\n\n\n\n\n...