Ocado Group PLC (LSE:OCDO) has tapped into a $152 million Letter of Credit as part of its long-standing partnership with US retailer Kroger Co (NYSE:KR, ETR:KOG).
The Letter of Credit, arranged back in 2018 when Ocado and Kroger teamed up to build Kroger’s online grocery business, was set to mature after seven years. Now that date has arrived, Ocado has drawn down the funds as originally planned.
The company didn’t provide further details on how the funds will be used, but confirmed it will release its FY25 half-year results on 17 July.