Insulet (PODD) to Offer $250M in Convertible Senior Notes

September 6, 2016 4:09 PM EDT

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Insulet Corporation (NASDAQ: PODD) today announced its intention to offer, subject to market and other conditions, $250 million principal amount of convertible senior notes due 2021 (the Notes) in a private placement. Insulet also intends to grant the initial purchasers of the Notes an option to purchase up to an additional $37.5 million principal amount of Notes.

The Company intends to use the net proceeds from the Notes offering for general corporate purposes, which may include financing redemptions, repurchases and/or the settlement of conversions of Insulet’s existing 2.00% convertible senior notes due 2019, as well as investments in its manufacturing and supply chain operations.

The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act).

The Notes and any common stock of the Company issuable upon conversion of the Notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release does not and will not constitute an offer to sell or a solicitation of an offer to buy any securities nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of such state. Any offer of the Notes will be made only by means of a private offering memorandum.

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