ACTON, Mass.–()–Insulet Corporation (NASDAQ: PODD) the global leader in tubeless insulin pump technology with its Omnipod brand of products, today announced its intention to offer, subject to market and other conditions, $450 million aggregate principal amount of senior unsecured notes due 2033 in a private placement.
The Company intends to use the net proceeds from the Notes offering, together with cash on hand and potentially cash from partially terminating the Company鈥檚 existing capped call transactions relating to the Company鈥檚 existing 0.375% Convertible Senior Notes due 2026 (the 鈥淐onvertible Senior Notes鈥�), (i) to finance the redemption, repurchase, repayment, satisfaction, and discharge or other payment of all or a portion of the Convertible Senior Notes, which may include one or more repurchases pursuant to privately negotiated transactions, and the payment of accrued and unpaid interest thereon, (ii) to pay any fees, costs, and expenses relating to the offering of the Notes and Credit Agreement transactions described below and/or (iii) for general corporate purposes. The Notes offering is subject to market and other conditions, and may not occur as described or at all.
The Company also today announced its intention to amend its existing Credit Agreement to, among other things, extend the maturity of the Company鈥檚 revolving credit facility from 2028 to 2030 and increase the amount of revolving credit commitments by up to $200 million (resulting in aggregate commitments of up to $500 million). The terms of the commitments and loans under the amended revolving credit facility are expected to be substantially similar to those relating to the commitments and loans under the existing revolving credit facility, except with respect to the aggregate amount of commitments thereunder, the maturity date thereof and certain other terms. The Credit Agreement amendments are subject to market and other conditions, and may not occur as described or at all. The consummation of the Notes offering is not conditioned on the consummation of the Credit Agreement amendments and the consummation of the Credit Agreement amendments are not conditioned on the consummation of the Notes offering.
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 鈥淪ecurities Act鈥�) and only to non-U.S. persons outside the United States pursuant to Regulation S.
The Notes have not been registered under the Securities Act or any applicable state securities laws. As a result, the Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, 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. This press release does not and will not constitute an offer to repurchase the Convertible Senior Notes, nor do the statements herein constitute a notice of redemption under the indenture governing the Convertible Senior Notes.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the tubeless disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet鈥檚 flagship innovation, the Omnipod庐聽5 Automated Insulin Delivery System, integrates with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and can be controlled by a compatible personal smartphone in the U.S. or by the Omnipod 5 Controller. Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas.
