Insulet (PODD) said Tuesday it plans to offer $450 million in senior unsecured notes due 2033 in a private placement.
The company said the proceeds from the offering, together with cash on hand and potentially cash from partially terminating capped call positions related to existing convertible senior notes, will be used to redeem or repurchase all or a portion of the convertible senior notes, pay related fees, and for general corporate purposes.
Insulet also said it intends to amend its existing credit agreement to extend the maturity of its revolving credit facility to 2030 from 2028 and increase its commitments by up to $200 million, bringing the total to $500 million.
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