LONDON - Ocado Group (LON:OCDO) PLC, the British online grocery and technology company, announced today invitations to holders of its certain outstanding notes to tender them for purchase in cash. This offer is subject to the terms and conditions outlined in the Tender Offer Memorandum dated April 29, 2025.
The company is specifically targeting its 0.875% Guaranteed Senior Unsecured Convertible Bonds due December 9, 2025, and its 3.875% Guaranteed Senior Unsecured Notes due October 8, 2026, for this tender offer. The purchase prices have been set at 97.375% and 98.625% of the principal amount for the Convertible Bonds and the 2026 Notes, respectively. Additionally, Ocado will pay accrued but unpaid interest on these notes up to the settlement date, which is expected to be May 9, 2025.
The offer commenced on April 29, 2025, and will expire at 16:00 BST on May 6, 2025, unless extended or amended. Noteholders wishing to participate must submit their tender instructions by the expiration deadline. The purpose behind these offers, as stated by Ocado, is to manage the company’s maturity profile proactively and to provide note holders with an opportunity to liquidate their holdings.
The tender offer is conditional upon the successful issuance of new senior unsecured notes due 2030, referred to as the New Offering, with a target aggregate principal amount of £300 million. The actual amount issued may vary. The net proceeds from the New Offering are expected to fund the purchase of the tendered notes, with any remaining proceeds intended to reduce the company’s leverage over time.
Ocado has indicated that it may give preferential treatment in the allocation of the New Notes to those investors who have expressed a firm intention to tender their existing notes in the offers.
The tender offer is not available to any U.S. Persons or any person located or resident in the United States, nor is it available in any other jurisdiction where it would be unlawful to distribute the Tender Offer Memorandum.
This news article is based on a press release statement from Ocado Group PLC.
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