Tandem Diabetes Care Shares Drop 12% After Private Placement for Senior Notes
By Chris Wack
Tandem Diabetes Care shares were down 12%, to $27.43, after the diabetes-technology company said it intends to offer $250 million of its convertible senior notes due 2029 in a private placement.
The stock closed Monday's session 13% higher, but is down 34% in the past 12 months.
Tandem said it intends to grant the initial purchasers of the notes an option to purchase up to an additional $37.5 million principal amount of notes.
The company expects to use the proceeds from the offering, together with cash on hand, to repurchase some 1.50% convertible senior notes due 2025 and to repurchase up to $30 million of its shares in privately negotiated transactions.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 05, 2024 12:44 ET (17:44 GMT)
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