Ocado Group plc, a leading RetailTech company, is planning to raise £600 million through a combination of convertible bond and high yield offerings. The company will issue £250 million of guaranteed senior unsecured convertible bonds due in 2029, and £350 million of sterling-denominated senior unsecured notes due in 2029. These bonds will be initially guaranteed by several subsidiaries of the company, which are subject to change in specific situations. Settlement and delivery of the bonds are expected to take place on or about 6th August 2024. After that, application will be made for the bonds to be admitted to trading on the unregulated open market of the Frankfurt Stock Exchange before the first interest payment date.
To comply with the agreements, Ocado has agreed to a lock-up relating to equity and equity-related securities for a period commencing on the date hereof and ending 90 calendar days following the closing date, with certain exceptions. This move will help the company raise the funds it needs to continue its growth and expansion in the retail industry.
Overall, this strategic move by Ocado will help the company to enhance its position in the market and further develop its innovative RetailTech solutions.
