Ocado to redeem 4% senior secured notes due 2024 on Oct. 8

By Mary-Katherine Stinson

Lexington, Ky., Sept. 27 – Ocado Group plc has announced it will redeem all its outstanding 4% senior secured notes due 2024 on Oct. 8, according to a company release.

The notes will be redeemed at 101 plus accrued interest to the redemption date.

Both the redemption and the redemption date are contingent upon the completion of an offering of new senior notes.

The purpose of the redemption is to extend the maturity profile of the company debt by refinancing the existing notes and to provide additional funding for capital expenditures.

HSBC Corporate Trustee Co. (UK) Ltd. is the trustee, and HSBC Bank plc is the paying agent.

Ocado is a Hatfield, U.K.-based supermarket company.

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