Insulet holders may convert 3.75% notes till July 24; call issued

By Susanna Moon

Chicago, June 17 – Insulet Corp. issued a call to redeem its $28.8 million principal amount outstanding 3.75% convertible senior notes due 2016, according to an 8-K filing with the Securities and Exchange Commission.

The company will pay par plus accrued interest to but excluding the redemption date of July 28.

The notes are convertible until the close of business on July 24.

The conversion rate will be 38.1749 shares of per $1,000 principal amount, or a conversion price of about $26.20 per share.

The company’s shares (Nasdaq: PODD) closed at $37.84 on June 16.

Between June 9 and June 12, Insulet used about $162.8 million of proceeds from the company’s sale of 2% convertible senior notes due 2019 to repurchase about $114.9 million principal amount of its outstanding 3.75% convertibles under individually negotiated transactions. The repurchase amount includes about $2.1 million of accrued interest.

Insulet is a Bedford, Mass.-based medical device maker.

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