Ocado Group launches upsized £500 million five-year notes at 3 7/8%; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Sept. 30 – U.K-based grocery logistics firm Ocado Group plc launched its upsized £500 million offering of five-year senior notes (B2//BB-) at 3 7/8%, according to a market source.

The deal, which upsized from £450 million, launched at the tight end of the 3 7/8% to 4% talk. Initial guidance was 4% to 4¼%.

The notes are set to price on Thursday.

Citigroup Global Markets Ltd., Goldman Sachs and J.P. Morgan Securities plc are global coordinators and joint bookrunners. Barclays, BNP Paribas and HSBC are also joint bookrunners.

The Rule 144A and Regulation S notes come with two years of call protection.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.