Published on 6/14/2017 in the Prospect News High Yield Daily.
New Issue: England’s Ocado sells upsized £250 million seven-year secured notes at par to yield 4%
By Paul A. Harris
Portland, Ore., June 14 – British online grocer Ocado Group plc priced an upsized £250 million issue of seven-year senior secured notes (Ba3//BB) at par to yield 4% on Wednesday, according to a market source.
The issue size was increased from £200 million.
The yield printed at the tight end of final yield talk in the 4 1/8% area. That talk was revised from earlier guidance in the 4½% area.
Global coordinator HSBC will bill and deliver. Barclays was also a global coordinator. Goldman Sachs, NatWest Markets and Rabobank were the joint bookrunners.
The Hatfield, England-based company plans to use the proceeds to refinance debt.
| Issuer: | Ocado Group plc
|
| Amount: | £250 million, increased from £200 million
|
| Maturity: | June 15, 2024
|
| Securities: | Senior secured notes
|
| Global coordinators: | HSBC (bill and deliver), Barclays
|
| Joint bookrunners: | Goldman Sachs, NatWest Markets, Rabobank
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 335 bps
|
| Call: | Make-whole call at Gilts plus 50 bps until June 15, 2020, then callable at 102
|
| Trade date: | June 14
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 1/8% area, revised from 4½% area
|
| Marketing: | Roadshow
|
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