Insulet boosts notes offering to $125M from $110M
Insulet Corp. said Friday that it is increasing a convertible senior-notes offering due 2016 to $125 million from $110 million.
The medical device maker gave the underwriter an option to buy up to an additional $18.8 million notes to cover any excess demand.
Insulet said it will use net proceeds from the notes offering for general corporate purposes, such as buying back about $70 million of its outstanding convertible senior notes due 2013 for approximately $85 million.
The Bedford, Mass., company also announced that an offering of about 1.2 million shares by stockholders in connection with its purchase of Neighborhood Diabetes was priced at $19.77 per share. The company delivers testing and other medical supplies. Insulet will not receive any proceeds from the stock offering.
Its stock gained 31 cents to $20.08 in early afternoon trading.