Insulet revises $500 million term loan B discount to 99.75

By Sara Rosenberg

New York, April 28 – Insulet Corp. tightened the original issue discount on its $500 million seven-year senior secured covenant-lite first-lien term loan B (Ba3/B+) to 99.75 from revised talk of 99.5 and initial talk in the range of 99 to 99.5, according to a market source.

Pricing on the term loan is Libor plus 325 basis points with a 0.5% Libor floor.

The term loan has 101 soft call protection for six months.

Earlier in syndication, pricing on the term loan was lowered from talk in the range of Libor plus 350 bps to 375 bps.

Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are the joint lead arrangers and bookrunners on the deal.

Commitments remained due at 5 p.m. ET on Wednesday, the source added.

The company also plans on getting a new senior secured revolving credit facility.

Proceeds will be used for general corporate purposes, including to retire debt and/or to fund investments.

Insulet is an Acton, Mass.-based medical device company dedicated to simplifying life for people with diabetes and other conditions.

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