Insulet Corp., which makes an insulin infusion system for diabetics, said Tuesday it is selling $65 million worth of convertible senior notes due 2013 to qualified institutional buyers.
The company said it also will grant initial buyers the option to purchase up to an added $10 million worth of notes to cover over-allotments, if any.
The notes will be convertible under certain circumstances into cash and stock. The interest rate, conversion rate and other terms will be negotiated.
Insulet said it will use proceeds from the offering to repay and terminate its outstanding term loan and for general corporate purposes.
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