1st Oct 2021 08:31
(Alliance News) - Ocado Group PLC on Friday said it has launched a GBP500 million offering of senior secured notes, upsized from its original intention of GBP400 million due to "strong demand".
The Hatfield, England-based online grocer's offering is of senior notes due 2026 at face value with a coupon of 3.875%.
Ocado shares were marginally lower at 1,662.17 pence in London on Friday morning.
In addition, Ocado said it intends to redeem all of its outstanding 4.00% senior secured notes due 2024 when the offering closes. The anticipated redemption date is Friday next week.
On Monday, Moody's Investors Service assigned B2 ratings to Ocado's then-GBP400 million senior unsecured notes offering.
This aligned with the online grocer's B2 corporate family rating, which Moody's affirmed. The outlook is stable, reflecting Moody's belief that Ocado will maintain "an at least adequate liquidity profile" over the next 12 to 18 months.
By Josie O'Brien; [email protected]
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