Ocado launches £500m bond issue to fund tech commitments

Ocado has launched a convertible bond issue

Ocado has unveiled a £500m convertible bond issue following a string of deals with international retailers.

The online grocer said cash raised would be “used to fund capital expenditure in relation to Ocado Solutions’ commitments and general corporate purposes” and would enable it to “diversify funding sources and capitalise on attractive issuance conditions”.

The bonds will be issued by Ocado Group and initially guaranteed by Ocado Operating Limited, Ocado Innovation Limited, Ocado Central Services Limited, Ocado Solutions Limited and Ocado Holdings Limited.

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