Business
Tandem Diabetes Care Announces Proposed Offering of $250.0 Million of Convertible Senior Notes Due 2025
SAN DIEGO--(BUSINESS WIRE)-- Tandem Diabetes Care®, Inc. (NASDAQ: TNDM) (“Tandem” or, the “Company”) announced today that it intends to offer, subject to
About this update from Tandem Diabetes Care, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nTandem Diabetes Care®, Inc. (NASDAQ: TNDM) (“Tandem” or, the “Company”) announced today that it intends to offer, subject to market conditions and other factors, $250.0 million aggregate principal amount of Convertible Senior Notes due 2025 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Tandem also intends to grant to the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $37.5 million aggregate principal amount of Notes.\n\n\nThe Notes will be senior unsecured obligations of Tandem and will accrue interest payable semiannually in arrears.\n\n\nThe Notes will mature on May 1, 2025, unless earlier repurchased, redeemed, or converted in accordance with their terms prior to the maturity date. The Notes will be convertible at the option of the holders prior to the close of business on the business day immediately preceding November 1, 2024 only upon the satisfaction of certain conditions and during certain periods. Thereafter, the Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the Notes, the Company will settle such conversion in cash, shares of Tandem’s common stock, or a combination of cash and shares of Tandem’s common stock, at its election. Tandem may not redeem the Notes prior to May 6, 2023. Tandem may redeem for cash all or any portion of the Notes, at its option, on or after May 6, 2023 if the last reported sale price of Tandem’s common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Tandem provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The interest rate, initial conversion rate, an...