By Paul A. Harris
Portland, Ore., Sept. 30 – U.K-based grocery logistics firm Ocado Group plc priced an upsized £500 million issue of five-year senior notes (B2//BB-) at par to yield 3 7/8% on Thursday, according to a market source.
The issue size increased from £450 million.
The yield printed at the tight end of the 3 7/8% to 4% yield talk. Initial guidance was 4% to 4¼%.
Citigroup Global Markets Ltd. was at the left of a syndicate of deal managers that also included Goldman Sachs, J.P. Morgan Securities plc, Barclays, BNP Paribas and HSBC.
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.
| Issuer: | Ocado Group plc
|
| Amount: | £500 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Global coordinators: | Citigroup Global Markets Ltd., Goldman Sachs and J.P. Morgan Securities plc
|
| Joint bookrunners: | Citigroup, Goldman Sachs, JPMorgan, Barclays, BNP Paribas and HSBC
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 324 bps
|
| Call protection: | Two years
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 8
|
| Ratings: | Moody's: B2
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 7/8% to 4%
|
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