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Home » Tandem Diabetes Care announces $250m offering

Tandem Diabetes Care announces $250m offering

May 12, 2020 By Sean Whooley

Tandem Diabetes Care - updatedTandem Diabetes Care (NSDQ:TNDM) announced today that it intends to offer a private placement worth $250 million in convertible senior notes.

The convertible senior notes, due in 2025, will be senior unsecured obligations of Tandem and are set to accrue interest payable semiannually in arrears, according to a news release.

San Diego-based Tandem also intends to grant the initial purchasers of the notes an option to purchase up to an additional $37.5 million in notes within a 13-day period beginning on the date when they are first issued.

Tandem’s notes will mature on May 1, 2025, unless they are earlier repurchased redeemed or converted in accordance with their terms before the maturity date. The notes will be convertible at the close of business on the business day preceding Nov. 1, 2024. Tandem may not redeem notes before May 6, 2023.

The insulin pump maker intends to use some of the net proceeds to pay the cost of its privately negotiated capped call transactions, with the remainder set for working capital and other general corporate purposes.

Filed Under: Business/Financial News, Diabetes, Funding Roundup Tagged With: tandemdiabetes

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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