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Ocado completes 600m pound convertible bond sale

Mon 09 December 2019 18:47 | A A A

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(Sharecast News) - Online grocer Ocado closed a £600.0m convertible bond offering at the start of the week.

The sale of guaranteed senior unsecured debt had a maturity of 2025 with the funds set to be used for capital expenditure related to the firm's Solutions' unit and for general corporate purposes, the company said in a statement.

Ocado also highlighted that the new issue would help diversify its sources of financing at a time of "attractive issuance conditions".

Rovida Asset Management Limited, a person connected with The London and Amsterdam Trust Company Limited, the latter of which held 10.0% or more of Ocado's shares, subscribed for £80.0m of the bonds at par.

Shares of Ocado finished the session 1.27% lower at 1,204.50p.

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