Insulet plans to repurchase $134 million of 2% convertibles due 2019

By Angela McDaniels

Tacoma, Wash., Sept. 7 – Insulet Corp. plans to repurchase about $134 million of its 2% convertible senior notes due 2019 through individually negotiated transactions, according to a company news release.

The company will fund the repurchases with proceeds of its $300 million 1.25% five-year convertible senior notes, which priced Sept. 7.

The repurchases are expected to close concurrently with the closing of the notes offering on Sept. 13.

The remaining proceeds will be used for general corporate purposes, which may include financing additional repurchases, redemptions and/or the settlement of conversions of Insulet's remaining 2% convertibles, as well as investment in its manufacturing and supply chain operations.

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

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