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Insulet prices $700m offering

September 4, 2019 By Sarah Faulkner

Insulet's Omnipod Dash systemInsulet (NSDQ:PODD) today priced a private placement of $700 million in convertible senior notes due 2026. The offering is slated to close on Sept. 6.

The Acton, Mass.-based company said in a press release it also gave initial purchasers an option to buy up to an additional $100 million in notes.

Insulet reported that it expects to reel in roughly $684.3 million in net proceeds from the offering or $782 million if initial purchasers exercise the additional option in full.

Last month, Insulet touted the full market launch of the Omnipod Display and Omnipod View apps for people using the company’s Omnipod Dash insulin therapy management system. And in June this year, Insulet lifted its outlook for the remainder of 2019 and reported Q2 profits of $1.4 million on sales of $177.1 million.

PODD shares were trading at $163.22 in mid-morning activity today, down -2.8%.

Filed Under: Business/Financial News, Diabetes, Featured, Funding Roundup, Wall Street Beat Tagged With: Insulet

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