Commentary & Deal Flow

Ocado Group plc (OCDOLN) GBP450m (up from GBP350m) 144A/Reg S sr fixed rate notes due 08/08/29 (5y). NC2 (08/08/26) (MWC G+50bp), then at 105.25, 102.625, 100. Equity claw: 2y 40% at 110.50. B3/NR/B- (stable/--/stable). Via BNP (B&D)/GS/Barc jt glocos and physical books/DB/JPM/NatWest jt books. No reg rights. List Dublin. NY law. CoC at 101. Settles 08/08 (T+5). Reg S ISIN: XS2871478058. IPT: 10.50%-10.75%. Price talk: 10.50%-10.75%. Final terms: GBP450m 10.50% at par.

Priced: 10.50% at 100. +665bp vs UKT 4.125% 07/22/29.

Roadshow 07/30-08/01 (investor call at 10am UKT 07/30). Books closed at 12pm 08/01. Recommits were due 1:30pm UKT 08/01. UOP: along with GBP250m 6.25% cvt sr notes due 2029, priced 07/30/24, to fund the tender offer for its GBP600m 0.875% gtd sr cvt notes due 12/09/25 (93.00 purchase price) and GBP500m 3.875% gtd sr notes due 10/08/26 (93.00 purchase price). Biz: a technology-led, global, software and robotics platform business, serving grocery retailers. HQ: Hatfield, UK.