Insulet to redeem all 1.25% convertible notes due 2021 on Oct. 28

By Sarah Lizee

Olympia, Wash., Sept. 16 – Insulet Corp. plans to redeem all of its outstanding 1.25% convertible senior notes due 2021 on Oct. 28, according to an 8-K filing with the Securities and Exchange Commission.

The convertibles will be redeemed at par plus accrued interest, if any, to but excluding the redemption date.

In the event any holders convert their notes prior to 5 p.m. ET on Oct. 25, the company intends to satisfy its conversion obligation with respect to each $1,000 principal amount of those convertibles by paying or delivering, as applicable, up to $1,750 of cash, and if the conversion obligation exceeds that amount, shares of the company’s common stock and cash in lieu of any fractional shares thereof.

Insulet is a Billerica, Mass.-based medical device company and owner of the proprietary Omnipod Insulin Management System.

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