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LONDON - Ocado Group (LON:OCDO) plc, the UK-based online grocery platform, has successfully concluded a tender offer for certain notes, resulting in the repurchase of a significant portion of its outstanding debt securities. The transaction involved two types of notes: 0.875% Guaranteed Senior Unsecured Convertible Bonds due 2025 and 3.875% Guaranteed Senior Unsecured Notes due 2026.
The tender offer, which was launched on April 29, 2025, and expired on Monday, attracted substantial investor interest. By the expiration deadline, the company received valid tenders for £37 million in convertible bonds and £169.03 million in 2026 notes, totaling £206.03 million in principal amount.
Investors who tendered their notes will receive the purchase price plus accrued and unpaid interest up to the settlement date, which is expected to be on Monday, May 9, 2025. The total purchase consideration, excluding accrued but unpaid interest, amounts to approximately £202.73 million.
Following the repurchase, the remaining outstanding principal amount will be £135.8 million for the convertible bonds and £54.65 million for the 2026 notes, which includes both the Regulation S and Rule 144A notes.
Ocado Group reserves the right to engage in future transactions to repurchase additional notes, potentially on terms more favorable than the current offer. This could include open market purchases, privately negotiated transactions, or other means.
The tender offer is part of Ocado Group’s broader financial management strategy and reflects the company’s proactive approach to capital structure optimization. The transaction was managed by Barclays (LON:BARC) Bank PLC and BNP PARIBAS as Dealer Managers, with Kroll Issuer Services Limited acting as the Tender Agent.
The information in this article is based on a press release statement from Ocado Group plc.
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