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

03-05-24 1244ET