Ocado Group taps banks for £400 million offering of five-year notes

By Paul A. Harris

Portland, Ore., Sept. 27 – U.K-based grocery logistics firm Ocado Group plc (B2//B+) mandated Citigroup Global Markets Ltd., Goldman Sachs and J.P. Morgan Securities plc as global coordinators and joint bookrunners to arrange a series of virtual fixed income investor meetings in Europe beginning on Monday, according to a market source.

A £400 million Rule 144A and Regulation S offering of five-year senior notes will follow, pending market conditions.

The Hatfield, U.K.-based company plans to use the proceeds to redeem £225 million of its 4% senior secured notes due 2024 and for general corporate purposes.

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