Insulet Corporation announced on September 21, 2026, that it has entered into the Ninth Amendment to its Credit Agreement. The amendment modifies the terms of a credit facility originally dated May 4, 2021, involving the company and its lenders, with Morgan Stanley Senior Funding, Inc. serving as the administrative agent.
The primary financial adjustment involves the replacement of $475 million in aggregate principal amount of existing term loans with new term loans. The new loans were issued at par and carry a reduced interest rate margin of 0.75% for base rate loans and 1.75% for term SOFR loans, down from the previous margins. The proceeds from these new loans, combined with the company's cash on hand, were used to refinance the existing debt and pay accrued interest.
In addition to the term loan restructuring, the amendment increases the company's revolving credit commitments by $250 million. Following this increase, the total aggregate amount of revolving credit commitments is $750 million. This facility remains undrawn as of the closing date. The interest rate margins for revolving loans have also been adjusted, with the range for term SOFR loans reduced from 1.50% to 2.00% to 1.25% to 1.75%. These margins are tied to the company’s adjusted total leverage ratio. Proceeds from the revolving facility are intended for working capital and general corporate purposes.
Wachtell, Lipton, Rosen & Katz provided legal advice to Insulet regarding these transactions.
