Insulet refinances $475M loans, lifts credit line

Insulet refinanced $475 million of term debt at lower spreads and upsized its revolving credit facility to $750 million, all on reduced SOFR-based margins.

Rhea-AI Filing Summary

Insulet Corp (PODD) amended its existing credit agreement, refinancing $475 million of outstanding term loans with an equal amount of new term loans that carry lower interest margins. The new loans have interest rate margins of 0.75% for base rate loans and 1.75% for term SOFR loans, with a 0.00% SOFR floor, representing a 0.25% reduction in margin compared with the prior term loans. The new term loans were issued at par, and, together with cash on hand, were used to repay the existing term loans and accrued interest.

The amendment also increases Insulet’s revolving credit commitments by $250 million to a total of $750 million, which were undrawn on the closing date. The margin range on SOFR-based revolving loans is reduced from 1.50%–2.00% to 1.25%–1.75%, with the actual margin tied to the company’s adjusted total leverage ratio. Borrowings and letters of credit under this revolving facility may be used for working capital and other general corporate purposes of Insulet and its subsidiaries.

Positive

• Refinancing of $475 million term loans at interest margins that are 0.25% lower reduces ongoing borrowing costs.
• Revolving credit commitments are increased by $250 million to a total of $750 million, enhancing available liquidity.
• Interest margin range on SOFR-based revolver borrowings is reduced from 1.50%–2.00% to 1.25%–1.75%, potentially lowering future financing expense.

Negative

• None.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

New Term Loans Principal: $475,000,000 Term Loan Margin – Base Rate: 0.75% Term Loan Margin – Term SOFR: 1.75% +5 more

8 metrics

New Term Loans Principal $475,000,000 Aggregate principal amount of new term loans replacing existing term loans

Term Loan Margin – Base Rate 0.75% Interest rate margin on new base rate term loans

Term Loan Margin – Term SOFR 1.75% Interest rate margin on new term SOFR loans

Margin Reduction vs Existing Term Loans 0.25 percentage points Decrease in margin on new term loans compared with existing term loans

Revolving Credit Facility Increase $250,000,000 Increase in revolving credit commitments under the amended credit agreement

Total Revolving Credit Commitments $750,000,000 Aggregate amount of revolving credit commitments after the amendment

Revolver SOFR Margin Range (New) 1.25%–1.75% Reduced interest margin range on term SOFR revolving loans, leverage-ratio dependent

Revolver SOFR Margin Range (Prior) 1.50%–2.00% Previous interest margin range on term SOFR revolving loans before amendment

Key Terms

term SOFR loans, SOFR floor, revolving credit commitments, Revolving Credit Facility, +1 more

5 terms

term SOFR loans financial

"1.75%, in the case of term SOFR loans, with a SOFR floor"

SOFR floor financial

"with a SOFR floor of 0.00%"

revolving credit commitments financial

"revolving credit commitments under the Credit Agreement were increased by $250 million"

Revolving Credit Facility financial

"the aggregate amount of revolving credit commitments under the Credit Agreement is $750 million (the “Revolving Credit Facility”)"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

adjusted total leverage ratio financial

"dependent upon the Company’s adjusted total leverage ratio (as defined in the Amended Credit Agreement)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did Insulet Corp (PODD) make to its term loans?

Insulet replaced $475 million of existing term loans with an equal amount of new term loans, keeping substantially similar terms but reducing the interest rate margin by 0.25%. The new margins are 0.75% for base rate loans and 1.75% for term SOFR loans.

How did Insulet Corp (PODD) use the proceeds from the new term loans?

Proceeds from the new term loans, together with cash on hand, were used to refinance the $475 million of existing term loans and pay accrued and unpaid interest on those loans.

What is the size of Insulet’s amended revolving credit facility?

Revolving credit commitments were increased by $250 million to an aggregate of $750 million. These revolving commitments were undrawn on the closing date under the amended credit agreement.

How did the interest margins on Insulet’s revolving credit facility change?

For SOFR-based revolving loans, the margin range was reduced from 1.50%–2.00% to 1.25%–1.75%. The applicable margin within this range depends on Insulet’s adjusted total leverage ratio under the amended credit agreement.

What can Insulet Corp (PODD) use its revolving credit facility for?

Loans and letters of credit under the $750 million revolving credit facility may be used for working capital and other general corporate purposes of Insulet and its subsidiaries, as provided in the amended credit agreement.

What SOFR floor applies to Insulet’s new loans?

Both the new term SOFR loans and the revolving facility loans have a SOFR floor of 0.00%, meaning the SOFR component of the interest rate will not be reduced below zero in calculating interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/21/2026 - 05:03 PM Accepted by SEC EDGAR 09/21/2026 - 05:02 PM Learn about SEC filing dates

INSULET CORP false 0001145197 0001145197 2026-09-21 2026-09-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 21, 2026

INSULET CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		001-33462		04-3523891
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

100 Nagog Park, Acton, MA		01720
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (978) 600-7000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 Par Value Per Share		PODD		The NASDAQ Stock Market, LLC

Item 1.01 Entry into a Material Definitive Agreement.

On September 21, 2026, Insulet Corporation (the “Company”) entered into the Ninth Amendment to Credit Agreement (the “Amendment”) with the lenders and other parties thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (the “Agent”), amending that certain Credit Agreement, dated as of May 4, 2021 (as previously amended, supplemented or modified, the “Credit Agreement”, and as amended by the Amendment, the “Amended Credit Agreement”), by and among the Company, the lenders and other parties thereto and the Agent.

Pursuant to the Amendment, among other things, the $475 million in aggregate principal amount of term loans outstanding under the Credit Agreement (the “Existing Term Loans”) were replaced with an equal amount of new term loans (the “New Term Loans”) having substantially similar terms as the Existing Term Loans, except with respect to the interest rate applicable to the New Term Loans and certain other provisions. The interest rate margin applicable to the New Term Loans is 0.75%, in the case of base rate loans, and 1.75%, in the case of term SOFR loans, with a SOFR floor of 0.00%. The interest rate margin applicable to the New Term Loans is 0.25% lower than the interest rate margin applicable to the Existing Term Loans. The New Term Loans were issued at par. Proceeds from the New Term Loans, together with cash on hand, were used to refinance the Existing Term Loans and pay accrued and unpaid interest thereon.

In addition, pursuant to the Amendment, revolving credit commitments under the Credit Agreement were increased by $250 million and the interest rate margin applicable to revolving loans outstanding under the Amended Credit Agreement was reduced. After giving effect to such increase, on the Closing Date, the aggregate amount of revolving credit commitments under the Credit Agreement is $750 million (the “Revolving Credit Facility”), which commitments were undrawn as of such date. The range of interest rate margins applicable to loans under the Revolving Credit Facility was reduced from 1.50% - 2.00% to 1.25% - 1.75% for term SOFR loans, with the interest rate margin applicable from time to time dependent upon the Company’s adjusted total leverage ratio (as defined in the Amended Credit Agreement). The SOFR floor applicable to revolving facility loans remains unchanged at 0.00%. Proceeds of loans borrowed and letters of credit issued under the Revolving Credit Facility will be used for working capital and other general corporate purposes of the Company and its subsidiaries. 

The foregoing description of the Amendment is not intended to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

Wachtell, Lipton, Rosen & Katz advised the Company in connection with the transactions.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is filed as part of this report:

No.		Exhibit
10.1		Ninth Amendment to Credit Agreement, dated September 21, 2026, among Insulet Corporation, Insulet MA Securities Corporation, Morgan Stanley Senior Funding, Inc., as administrative agent, and the other lenders party thereto.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned thereunto duly authorized.

				INSULET CORPORATION
Date: September 21, 2026				By:		/s/ Flavia Pease
						Flavia Pease
						Executive Vice President, Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.4 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB