June 10, 2020 / 4:31 PM / a month ago

Britain's Ocado to raise 1 bln pounds in equity and bond issue

LONDON, June 10 (Reuters) - Ocado, the British online supermarket and technology group, plans to raise just over 1 billion pounds ($1.3 billion) through an equity raise and bond issue to give it the firepower to take advantage of future opportunities.

The group said on Wednesday it would raise about 657 million pounds through an equity placing and retail offer and about 350 million pounds through the issue of guaranteed senior unsecured convertible bonds due 2027.

Ocado said the funds will provide it with the “financial flexibility to capitalise on opportunities arising from the significant acceleration in online adoption and grow faster over the medium term”.

$1 = 0.7843 pounds Reporting by James Davey; Editing by Jan Harvey

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