Insmed Announces Closing of Public Offerings of Common Stock and Convertible Senior Notes and Full Exercise of Underwriters' Options to Purchase Additional Shares and Notes

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[{"type":"text","content":"BRIDGEWATER, N.J., May 13, 2021 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM) announced today the closing of the previously announced registered underwritten public offering (the \"Equity Offering\") of 11,500,000 shares of its common stock (the \"Shares\"), including 1,500,000 Shares issued pursuant to the exercise in full of the underwriters' option to purchase additional Shares, at a price to the public of $25.00 per share before deducting underwriting discounts and commissions, and the previously announced registered underwritten public offering (the \"Notes Offering\") of $575 million aggregate principal amount of its 0.75% convertible senior notes due 2028 (the \"Notes\"), including $75 million aggregate principal amount of Notes purchased pursuant to the exercise in full of the underwriters' option to purchase additional Notes, solely to cover over-allotments. A portion of the net proceeds from the offering of the Notes will be used to repurchase $225 million in aggregate principal amount of Insmed's existing outstanding 1.75% Convertible Senior Notes due 2025 (the \"2025 Notes\"). The gross proceeds to Insmed from the offerings, before deducting underwriting discounts and commissions and other offering expenses payable by Insmed, were $287.5 million and $575 million, respectively. \nThe Notes are senior unsecured obligations of Insmed and rank senior in right of payment to any of Insmed's future indebtedness that is expressly subordinated in right of payment to the Notes and rank equally in right of payment with all of Insmed's existing and future liabilities that are not so subordinated, including the existing 2025 Notes. The Notes will accrue interest payable semiannually in arrears on June 1 and December 1 of each year at the rate of 0.75% per year, beginning on December 1, 2021. The Notes will mature on June 1, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to June 6, 2025, Insmed will not have the right to redeem the Notes. Subject to certain conditions, on or after June 6, 2025, Insmed may redeem for cash all or a part of the Notes. Prior to March 1, 2028, the Notes will be convertible at the option of holders of the Notes only upon satisfaction of certain conditions and during certain periods, and thereafter, will be convertible at any time unt...

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