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Insulet Announces Pricing of Senior Notes Due 2033
ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD) (“Insulet” or the “Company”), the global leader in tubeless insulin pump technology with
About this update from Insulet Corporation
[{"type":"text","content":" ACTON, Mass.--(BUSINESS WIRE)--\nInsulet Corporation (NASDAQ: PODD) (“Insulet” or the “Company”), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, has priced a private placement of $450 million aggregate principal amount of senior unsecured notes due 2033 (the “Notes”). The Notes will bear interest at an annual rate of 6.50% and will mature on April 1, 2033, unless earlier redeemed or repurchased. The closing of the private placement is expected to occur on March 20, 2025, subject to customary closing conditions.\n\nThe Company estimates that the net proceeds from the Notes offering will be approximately $444.4 million, after deducting discounts and before estimated offering expenses payable by the Company.\n\nThe Company intends to use the net proceeds from the Notes offering, together with cash on hand and potentially cash from partially terminating the Company’s existing capped call transactions relating to the Company’s existing 0.375% Convertible Senior Notes due 2026 (the “Convertible Senior Notes”), (i) to finance the redemption, repurchase, repayment, satisfaction and discharge or other payment of all or a portion of the Convertible Senior Notes, which may include one or more repurchases pursuant to privately negotiated transactions, and the payment of accrued and unpaid interest thereon, (ii) to pay any fees, costs and expenses relating to the offering of the Notes and the Company’s previously announced credit agreement transactions (if applicable) and/or (iii) for general corporate purposes.\n\nThe Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and only to non-U.S. persons outside the United States pursuant to Regulation S.\n\nThe Notes have not been registered under the Securities Act or applicable state securities laws. As a result, the Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.\n\nThis press release does not and will not constitute an offer to sell or a solicitation of an offer to buy any securities nor will ...