REG - Ocado Group PLC - Private Placement of High Yield Notes

OcadoAnnouncement

04/06/2025 07:00

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RNS Number : 3000L  Ocado Group PLC  04 June 2025

THIS 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).

 

4 June 2025

Ocado Group plc

 

Repurchase of Convertible Bonds and Private Placement of High Yield Notes

 

Ocado Group plc ("Ocado") today announces that it has agreed to (i) repurchase
£80 million in aggregate principal amount of its 0.875% senior unsecured
convertible bonds due 2025 (the "2025 Convertible Bonds") at a purchase price
of 97.375% and (ii) to issue via private placement £100 million in aggregate
principal amount of newly issued 11% senior unsecured notes due 2030 (the
"Notes") at par.

 

The Notes will constitute a further issuance of, and will be consolidated and
form a single class with, the £300,000,000 11% senior unsecured notes due
2030 issued by Ocado on 8 May 2025 (the "Original Issuance") and will have the
same terms as the Original Issuance.

 

Upon completion of the transactions (which are subject to the satisfaction of
certain conditions), the repurchased 2025 Convertible Bonds will be
surrendered by Ocado for cancellation, after which £55.8 million in aggregate
principal amount of the 2025 Convertible Bonds will remain outstanding.

 

The transactions are intended to extend the maturity profile of Ocado's debt,
with the proceeds of the transaction retained to reduce Ocado's leverage over
time, whether at maturity of the relevant debt or otherwise.

 

Contacts:

Stephen Daintith, Chief Financial Officer, on +44 (0)1707 228 000

Nick Coulter, Capital Markets and FP&A Director, on +44 (0)1707 228 000

Jamie Kerr, Head of Communications, on +44 1707 228 000

 

Lucy Legh, Headland Consultancy - ocadogroup@headlandconsultancy.com, on +44
(0) 20 3805 4822

 

Notes to Editors

About Ocado Group

 

Ocado Group is a UK based technology company trading on the London Stock
Exchange (Ticker OCDO). It provides end-to-end online grocery fulfilment
solutions to thirteen of the world's largest grocery retailers and holds a 50%
share of Ocado Retail Ltd in the UK in a Joint Venture with Marks &
Spencer. Ocado has spent two decades innovating for grocery online, investing
in a wide technology estate that includes robotics, AI & machine learning,
simulation, forecasting, and edge intelligence.

 

Further information about Ocado is available on its website at
www.ocadogroup.com (http://www.ocadogroup.com) .

 

Important Notice

 

This notification complies with UKLR 9.7.2 in relation to the aggregate
repurchase of 13.3% of the principal amount of the 2025 Convertible Bonds
initially issued. Further announcements will be made in accordance with the UK
Listing Rules in the event that more 2025 Convertible Bonds are repurchased.

 

Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
this announcement should not place undue reliance on forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standard, Ocado does not undertake to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

 

THESE MATERIALS DO 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. The securities referred to herein have not
been, and will not be, registered under the U.S. Securities Act of 1933, as
amended.

 

This announcement is directed solely at, persons who (i) are outside the
United Kingdom, (ii) are investment professionals, as such term is defined in
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Financial Promotion Order"), (iii) are
persons falling within Article 49(2)(a) to (d) of the Financial Promotion
Order, or (iv) are persons to whom an invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the Financial
Services and Markets Act 2000 in connection with the issue or sale of any of
the securities referred to herein may otherwise be lawfully communicated or
caused to be communicated (all such persons together being referred to as
"relevant persons"). This announcement is directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons.
Any investment or investment activity to which this announcement relates is
available only to relevant persons and will be engaged in only with relevant
persons.

 

Person responsible for arranging release of this announcement:

Neill Abrams

Group General Counsel and Company Secretary

Ocado Group plc

Buildings One & Two

Trident Place, Mosquito Way

Hatfield, Hertfordshire

AL10 9UL

email: company.secretary@ocado.com (mailto:company.secretary@ocado.com)

Ocado Group plc LEI: 213800LO8F61YB8MBC74

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