Tandem Diabetes Care (Nasdaq:TNDM) announced today that it priced an offering of convertible senior notes worth $275 million.
The San Diego-based automated insulin delivery technology developer plans to sell the notes, due 2029, to qualified institutional buyers. It upsized the offering from the previously announced $250 million aggregate principal amount. The company also offered initial purchasers the option to purchase, within the 13-day period following issuance, $41.25 million in additional notes.
Tandem expects the offering to close on March 8, subject to customary closing conditions. Its notes accrue interest, payable semiannually in arrears on March 15 and Sept. 15, of 1.5% per year. They mature on March 15, 2029, unless earlier converted, redeemed or repurchased.
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