INSULET CORP (PODD): debt financing — Insulet extends $100M revolver to 2028 and upsizes facility to $300M

INSULET CORP

Fourth Amendment extends maturity of existing $100M revolving commitments to June 9, 2028; adds $200M in new commitments for $300M total.
Revolving credit facility was undrawn at closing on June 9, 2023, and is available for working capital and general corporate purposes.
Borrowings bear interest at Term SOFR + 3.25% or base rate + 2.25%, with step-downs based on leverage and credit ratings.
Commitment fee is 0.50% per annum on undrawn amounts; financial covenant requires leverage ratio ≤ 6.50x when usage exceeds 35% of commitments.
Proceeds from the upsized revolver will provide additional liquidity for Insulet's ongoing operations and growth initiatives.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INSULET CORP amended revolving credit of $300 million with Morgan Stanley Senior Funding, Inc. (as administrative agent) at adjusted Term SOFR rate plus an applicable margin of 3.25% maturing June 9, 2028.

Instrument: revolving credit
Principal: $300 million
Counterparty: Morgan Stanley Senior Funding, Inc. (as administrative agent)
Rate: adjusted Term SOFR rate plus an applicable margin of 3.25%
Maturity: June 9, 2028
Event: amendment

Exact text from the filing

Commitments ”). After giving effect to such extension and increase, on the Closing Date, the aggregate amount of New Revolving Commitments under the Credit Agreement is $300 million (the “ Revolving Credit Facility ”), which commitments were undrawn as of such date. Proceeds of loans borrowed and letters of credit issued under the Revolving Credit Facility

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INSULET CORP amended Fourth Amendment to Credit Agreement with Morgan Stanley Senior Funding, Inc. valued at $200 million (effective 2023-06-09).

Action: amendment
Agreement: credit facility
Counterparty: Morgan Stanley Senior Funding, Inc.
Value: $200 million
Effective: 2023-06-09

Exact text from the filing

On June 9, 2023 (the “ Closing Date ”), Insulet Corporation (the “ Company ”) entered into the Fourth Amendment to Credit Agreement (the “ Amendment ”) among the Company, the lenders and other parties thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (the “ Agent ”), swingline lender, and letter of credit issuer, amending that certain Credit Agreement, dated as of May 4, 2021

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INSULET CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-164934

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