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02 Mar 2026

Tandem Diabetes Care Launches $300 Million Convertible Senior Notes Offering

"Davis Polk advised the representatives of the initial purchasers and the counterparties to the capped call transactions in connection with Tandem Diabetes Care's Rule 144A offering of $300 million aggregate principal amount of 0.00% convertible senior notes due 2032 (including $35 million from the exercise of the initial purchasers’ option). Proceeds will cover capped call costs and general corporate purposes."

Davis Polk advised the representatives of the initial purchasers and the counterparties to the new capped call transactions in connection with Tandem Diabetes Care, Inc.'s offering of convertible senior notes. The transaction consisted of a Rule 144A offering by Tandem Diabetes Care, Inc. of an aggregate principal amount of $300 million of 0.00% convertible senior notes due 2032. The aggregate amount included $35 million principal amount of notes issued pursuant to the full exercise of the initial purchasers’ option to purchase additional notes. Davis Polk also advised the counterparties to the new capped call transactions entered into in connection with the offering. Tandem Diabetes Care intends to use the proceeds from the offering to pay for the cost of the capped call transactions and for general corporate purposes, which may include acquisitions or strategic investments in complementary businesses or technologies, working capital, operating expenses and capital expenditures. Tandem Diabetes Care is a global insulin delivery and diabetes technology company that manufactures and sells advanced automated insulin delivery systems. Davis Polk advised the representatives of the initial purchasers and the counterparties to the new capped call transactions for Tandem Diabetes Care, Inc., with a team composed by: partner Stephen A. Byeff and associate Robert Van De Mark (capital markets); partner Mark M. Mendez, counsel Gregory E. Marchesini and associates Ji Hwan Kim and Melissa X. Estrada (equity derivatives); partner Aliza Slansky and associate Yueyu Yang (tax); and partner David R. Bauer and associate Francesca Masella (intellectual property). All members of the Davis Polk team were based in the New York office.
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