Insulet Corporation’s Convertible Senior Notes Offering


Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Insulet Corporation.

The Insulet Corporation offer is $800 million principal amount of 0.375% convertible senior notes due 2026, including $100 million principal amount of notes sold pursuant to the initial purchasers’ exercise of their option to purchase additional notes. In addition, Davis Polk advised the dealers to the capped call transactions entered into in connection with the notes offering. Insulet’s common stock is listed on the Nasdaq Global Select Market under the symbol “PODD.”

Insulet, headquartered in Massachusetts, is primarily engaged in the development, manufacturing and sale of its proprietary Omnipod System, an innovative, discreet and easy-to-use continuous insulin delivery system for people with insulin-dependent diabetes.

Morgan Stanley & Co. LLC, JPMorgan Chase Bank, National Association and Bank of America, N.A. acted as initial purchaser on the deal.

The Davis Polk capital markets team included partner Yasin Keshvargar (Picture) and associate Andrew J. Terjesen. The equity derivatives team included partners John M. Brandow and Ray Ibrahim and associates Katharine O’Banion, Hanbing Zhang, Meaghan Kennedy and S. Elizabeth Kim. The tax team included partner Po Sit. Partner David R. Bauer and associate Hilary Smith provided intellectual property and technology advice.

Involved fees earner: David Bauer – Davis Polk & Wardwell; John Brandow – Davis Polk & Wardwell; Ray Ibrahim – Davis Polk & Wardwell; Meaghan Kennedy – Davis Polk & Wardwell; Yasin Keshvargar – Davis Polk & Wardwell; Elizabeth Kim – Davis Polk & Wardwell; Katharine O’Banion – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Hilary Smith – Davis Polk & Wardwell; Andrew Terjesen – Davis Polk & Wardwell; Hanbing Zhang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America; JPMorgan Chase & Co.; Morgan Stanley;