Tandem Diabetes announces private placement of $250M in convertible senior notes

Tandem Diabetes announced that it intends to offer, subject to market conditions and other factors, $250.0 million aggregate principal amount of its Convertible Senior Notes due 2029. Tandem expects to use the net proceeds from the offering, together with cash on hand, to pay the cost of the capped call transactions described below, to repurchase for cash certain of its 1.50% Convertible Senior Notes due 2025 and to repurchase up to $30.0 million of its common stock in privately negotiated transactions, each as described below. If the initial purchasers exercise their option to purchase additional notes, Tandem expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions and the remainder for general corporate purposes, which may include additional repurchases of the 2025 notes from time to time following this offering, or the repayment at maturity, of the 2025 notes.