Insulet refinances $475 million term loan and lifts revolver to $750 million

Insulet Corporation (NASDAQ: PODD) reported that on September 21, 2026 it entered a Ninth Amendment to its May 4, 2021 Credit Agreement with Morgan Stanley Senior Funding, Inc. as administrative agent. The company replaced $475 million of existing term loans with new term loans at a 0.25-percentage-point lower margin and increased revolving commitments by $250 million to $750 million, which were undrawn at closing.

Insulet refinanced its term loan at a lower spread and expanded its undrawn revolving capacity in a ninth amendment to its 2021 credit agreement.

Term loan refinance

On September 21, 2026, Insulet Corporation entered into a Ninth Amendment to its Credit Agreement dated May 4, 2021, with Morgan Stanley Senior Funding, Inc. as administrative agent. The company replaced $475 million of existing term loans with an equal principal amount of new term loans issued at par. The new loans carry interest-rate margins of 0.75% for base-rate loans and 1.75% for term SOFR loans, with a 0.00% SOFR floor — 0.25 percentage points lower than the margins on the replaced loans. Proceeds of the new term loans, plus cash on hand, refinanced the existing term loans and paid accrued interest.

Revolver upsizing and cheaper drawn pricing

The amendment also increased revolving credit commitments by $250 million to $750 million in aggregate. Those commitments were undrawn on the closing date. The term-SOFR margin range on revolving loans fell from 1.50%–2.00% to 1.25%–1.75%, still tied to Insulet’s adjusted total leverage ratio, with the SOFR floor unchanged at 0.00%. Revolving borrowings and letters of credit are available for working capital and other general corporate purposes.

Counsel and exhibit

Wachtell, Lipton, Rosen & Katz advised Insulet. The full Ninth Amendment is Exhibit 10.1 to the Form 8-K; Item 2.03 incorporates the Item 1.01 description as a direct financial obligation.