The notes are due in 2026 and the Acton, Mass.-based company is also offering initial purchasers an option to buy up to an additional $100 million aggregate principal amount of notes.
Insulet said in a news release that it intends to use the proceeds from the offering to fund the cash portion of its existing 1.25% notes, due in 2021, and the conversion obligations and fees relating to those notes. Some funds will also go toward general corporate purposes.
Insulet said it expects to enter into capped call transactions with one or more of the initial purchasers or affiliates, which the company believes could reduce the potential dilutive effect on its common stock.
The diabetes tech company boasts the Omnipod insulin management system, a wearable, disposable pod designed to provide three days of non-stop insulin delivery.
In June, Insulet raised its outlook for the remainder of 2019 when it reported Q2 profits of $1.4 million or $0.02 per share, on sales of $177.1 million for the three months ended June 30, 2019, for a bottom-line gain of 182% and sales growth of 42.5% compared with Q2 2018.
PODD shares were up +1.9% at $157.09 in late-morning trading.