Slaughter and May advised Ocado on its refinancing

Slaughter and May advised Ocado Group plc (“Ocado”) on the English law aspects of its refinancing, which involved an amendment and restatement of its senior facilities agreement (the “SFA”), the issue by Ocado of £250 million senior secured notes, and the entry into an intercreditor arrangement.

The SFA provides for an aggregate principal amount of commitments of £100 million, and the notes consist of £250 million 4% Senior Secured Notes due 2024. The notes are to be admitted to trading on the Global Exchange Market of the Irish Stock Exchange.

The proceeds from the offering of the notes will be used to repay amounts outstanding under the Ocado group’s revolving credit facility and certain other debt, and for general corporate purposes. The SFA is available to be used for general corporate purposes and for the working capital requirements of the Ocado group.

Davis Polk & Wardwell London LLP advised Ocado with respect to US federal and New York state law.