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Insulet up-sizes and prices $350m private placement

November 8, 2017 By Sarah Faulkner

Insulet omnipodInsulet (NSDQ:PODD) up-sized the private placement that it announced yesterday, citing strong investor demand.

The Billerica, Mass.-based company said today it plans to offer $350 million in convertible senior notes due in 2024, up from $300 million.

The notes have an annual interest rate of 1.375% and will mature on Nov. 15, 2024, according to Insulet. The company also gave initial buyers the option to purchase an additional $52.5 million in notes.

The notes will be convertible until Aug. 15, 2024 and the conversion rate will initially be 10.7315 shares of common stock per $1,000 of notes, Insulet reported. After conversion, the notes may be settled in cash, as shares of common stock or a combination of the two.

The company said it could reel in as much as $391.4 million if initial buyers exercise their option to buy additional notes in full.

According to Insulet, the company plans to use $99 million of the offering’s net proceeds to repurchase $63.4 million of outstanding 2% convertible senior notes due in 2019. The rest of the offering’s proceeds are slated for general corporate purposes, including investments in the company’s manufacturing operations and international expansion.

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Filed Under: Diabetes, Drug-Device Combinations, Featured, Funding Roundup, Pharmaceuticals, Wall Street Beat Tagged With: Insulet

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