Online retailer Ocado launched a £500m convertible bond offering to fund the developments in its technology business, Ocado Solutions, and for general corporate purposes. The bonds, due in 2025, were expected to carry a coupon of between 0.75% and 1.25% per annum. They would be be convertible into Ocado shares, with an initial conversion price expected to be set at a premium of between 40.0% and 45.0% above the volume-weighted average price between opening and pricing of the offering on 2 December. The conversion price would be subject to adjustment in certain circumstances in line with market practice.
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