Ocado launches £500 million bond issue
Online grocer Ocado has launched a £500 million convertible bonds offering.
The news comes just days after the retailer announced the signing of an agreement with Aeon to enable the Japanese supermarket chain to develop a new online grocery business in Japan using the Ocado Smart Platform.
In a statement, Ocado said the proceeds of the sale will be used to fund “capital expenditure in relation to Ocado Solutions’ commitments and general corporate purposes”. The offering will also help Ocado to diversify sources of funding and capitalise on attractive issuance conditions.
Ocado has also given an update on recent trading. In the 13 weeks to 1 Dec 2019, the company is expecting retail revenue to have grown between 10% and 11%.
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