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Insulet prices, upsizes convertible senior notes offering

Insulet Corp. said it priced and upsized its previously announced offering of convertible senior notes due 2026 by $40 million to $700 million.

The notes will bear an annual interest rate of 0.375% and have a maturity date of Sept. 1, 2026, according to a company release.

Acton, Mass.-based Insulet may also issue up to an additional $100 million worth of notes if there is further demand for the securities.

The private placement is due to close Sept. 6, depending on customary closing conditions.

The notes can be converted before June 1, 2026, under particular conditions and during specific periods. However, past that date, they will be convertible regardless of those conditions.

The conversion rate will start at 4.4105 shares of common stock per $1,000 worth of principal amount of notes. Noteholders will have the option to settle the notes in cash, shares of Insulet's common stock, or a combination of cash and shares of Insulet's common stock once the notes are converted.

Insulet plans to use approximately $455.0 million worth of net proceeds from the notes and issue approximately 1.16 million shares of the company's stock to extinguish $225 million worth of principal amount of its 1.25% convertible senior notes due 2021.

Insulet develops, manufactures and sells insulin delivery systems for people with insulin-dependent diabetes.