Business
Upsizing and pricing of High Yield Bond Offering
Upsizing and pricing of High Yield Bond Offering.
About this update from Ocado Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014, AS AMENDED (AND INCLUDING AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED) (\"MAR\").\n \nNOT FOR PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAWS.\n \nTHIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF OCADO GROUP PLC. PLEASE SEE THE IMPORTANT NOTICE BELOW.\n \n1 August 2024\nOcado Group plc\n \nSuccessful upsizing and pricing of £450 million senior unsecured notes due 2029\n \nFurther to the announcement of 29 July 2024, Ocado Group plc (\"Ocado\") today announces that it has successfully priced an offering (the \"High Yield Offering\") of £450 million in aggregate principal amount of senior unsecured notes due 2029 (the \"Notes\") with a coupon of 10.500% and an issue price of 100%. Due to strong demand, the High Yield Offering was upsized from the originally anticipated size of £350 million. The Notes will be guaranteed by certain Ocado subsidiaries. The High Yield Offering is expected to close on 8 August 2024, subject to customary closing conditions. Ocado has separately announced and successfully priced an offering of £250 million in aggregate principal amount of guaranteed senior unsecured convertible bonds due 2029 with a coupon of 6.25% (the \"New Convertible Bonds Offering\", together with the High Yield Offering, the \"Offerings\").\n \nThe net proceeds from the Offerings, together with cash from balance sheet to the extent necessary, are intended to be used to fund the purchase, through the applicable invitations to tender that have been separately announced, of a portion of Ocado's outstanding 0.875% senior unsecured convertible bonds due 2025 and 3.875% senior unsecured notes due 2026 (together, the \"Target Securities\") pursuant to an invitation to tender Target Securities extended to the holders thereof who ...