05:31 PM EST, 03/04/2024 (MT Newswires) -- Tandem Diabetes Care ( TNDM ) said Monday it plans a private placement of $250 million in principal amount of convertible notes due 2029.

Initial purchasers will have the option to buy up to an additional $37.5 million principal amount of notes, according to the company.

Net proceeds, along with cash at hand, will be used for repurchase certain 1.50% convertible notes due 2025 and to buy back up to $30 million in common stock.

Company shares were down 7% in recent after-hours activity.

Price: 28.88, Change: -2.26, Percent Change: -7.26