Ocado’s Total Bond Bill Set to Be Triple Last Year’s Amount
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With Ocado Group Plc having wrapped up the sale of its latest bond, the company’s total annual interest bill is now close to £100 million ($133 million) — more than triple what it was paying this time last year.
The online grocery firm sold £300 million of senior unsecured notes due 2030 with a yield of 11%, according to a person familiar with the matter, who asked not to be identified because the information is private. The proceeds — along with cash on the balance sheet — will be used to buy back notes maturing in 2025 and 2026 which have coupons of 0.875% and 3.875%, respectively.