Ocado prints debut £600m convertible bond

By Aidan Gregory
03 Dec 2019

Ocado, the UK online grocer, has made its first foray into the equity-linked market with a £600m convertible bond due in 2025 to finance investment in its technology platform Ocado Solutions, which produces robotic warehouses for foreign partners.

In a regulatory filing, Ocado said the bond would diversify its sources of funding and capitalise on attractive market conditions; Goldman Sachs and JP Morgan were bookrunners.

The six year bonds were initially marketed to investors with an initial coupon range of 0.75% to 1.25% and a ...

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