Ocado is to extend its debt maturities in a bid “to enable investment in growth plans”.

The technology group and online supermarket is looking to raise £600m in bonds due to be repaid in 2029 to finance a tender offer of bonds that already exist and are due at an earlier date.

Earlier this week, Ocado launched an offer of £250m of guaranteed senior unsecured convertible bonds due in five years, alongside an offer of £350m of sterling-denominated senior unsecured notes, also due in 2029.

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Holders of the group’s outstanding 0.875% senior unsecured convertible bonds due in 2025 and 3.875% senior unsecured notes due in 2026 have also been invited to tender those securities.

It is understood that the tender offer would be funded from the net proceeds of the new bond issues, alongside cash from its balance sheet if required.

The group told Reuters: “An appropriate financing policy and sufficient liquidity position continue to be an important foundation to enable investment in Ocado’s growth plans while maintaining a healthy financial profile.”

It comes as Ocado Group narrowed its half-year losses as its joint venture with M&S, Ocado Retail, has seen sales surge amid a “market-leading trading performance”.

For the 26 weeks to 2 June 2024, the technology and logistics company saw loss before tax almost halve to £154m, down from £290m in the first half of 2023.