Insulet (NSDQ:PODD) said today that it plans to offer $300 million in convertible senior notes due in 2024 as part of a private placement.
The Billerica, Mass.-based company is also slated to give initial purchasers an option to buy an additional $45 million in notes.
Insulet said it plans to use the offering’s net proceeds for general corporate purposes, including the settlement of conversions for the company’s existing 2% convertible senior notes due in 2019 and investments in its manufacturing operations.
Last week, Insulet shares soared after the medical device maker topped sales expectations on Wall Street with its third quarter results.
The company posted a net loss of -$2.2 million on sales of $121.8 million for the 3 months ended Sept. 30, for bottom-line growth of 38% on sales growth of 28% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -4¢, three cents behind consensus on The Street, where analysts were looking for sales of $114 million.
Insulet raised its full-year revenue guidance to a range of $456 to $459 million, up from $440 to $450 million.
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