Insulet lifts revolving credit facility to $100 million, adopts SOFR

By Mary-Katherine Stinson

Lexington, Ky., Dec. 1 – Insulet Corp. increased the commitments of its revolving credit facility by $30 million to $100 million which was undrawn as of Nov. 30, according to an 8-K filing with the Securities and Exchange Commission.

The increased revolving credit commitments have the same terms as the revolving credit commitments outstanding under the credit agreement prior to the third amendment other than certain upfront fees.

The agreement was also amended to replace the interest rate benchmark with SOFR from the previous Libor.

Interest will be between SOFR plus 275 basis points and 325 bps. The commitment fee is between 25 bps and 50 bps.

Morgan Stanley Senior Funding Inc. is the administrative agent, collateral agent, swingline lender and letter of credit issuer.

The agreement amends the company’s credit agreement dated as of May 4, 2021.

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

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