We advised Ocado on the transactions

Davis Polk advised Ocado Group and certain of its subsidiaries, as guarantors, in connection with the repurchase of £80 million in aggregate principal amount of its 0.875% senior unsecured convertible bonds due 2025 and issuance via a private placement of £100 million in aggregate principal amount of 11% senior unsecured notes due 2030. The notes will constitute a further issuance of, and will be consolidated and form a single class with, the £300 million of 11% senior unsecured notes due 2030 issued by Ocado on 8 May 2025.

Ocado Group is a UK-based technology company trading on the London Stock Exchange under the symbol “OCDO.” It provides end-to-end online grocery fulfilment solutions to 13 of the world’s largest grocery retailers and holds a 50% share of Ocado Retail Ltd in the UK in a joint venture with Marks & Spencer. Ocado has spent two decades innovating for grocery online, investing in a wide technology estate that includes robotics, AI and machine learning, simulation, forecasting and edge intelligence.

The Davis Polk corporate team included partner Reuven B. Young and associate Annie Dulka. Partner Simon Witty, counsel John Taylor and associates Gilbert Lim and Mary Valtas provided English law advice. Partner Dominic Foulkes provided tax advice. All members of the Davis Polk team are based in the London office.

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