Ocado Group PLC - Hatfield, England-based online grocer and technology licensor - Plans to raise £600 million from two bond offers. Prices £250 million in guaranteed senior unsecured convertible bonds due 2029 and also will offer £350 million in senior unsecured notes due 2029. The convertible bonds will be issued at par value and carry a coupon of 6.25% per year. They will be convertible into shares at an initial conversion price of £6.11 each. The money from the convertible and high-yield bond offers will be used to tender for outstanding bonds and notes due in 2025 and 2026.
In conjunction with the convertible and high-yield bond offers, the joint global coordinators - Barclays Bank BNP Paribas and Goldman Sachs - place 11.3 million existing Ocado shares at a price of £4.07, worth £46.0 million. This is to facilitate hedging for subscribers to the bonds.
Current stock price: 406.40 pence, down 6.1% in London on Tuesday
12-month change: down 57%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
