Insmed (INSM) said Thursday it will redeem June 6 the entire $569.5 million aggregate principal amount of its remaining outstanding 0.75% Convertible Senior Notes due 2028.

The company will pay the redemption price in cash and equal to 100% of the principal amount of the notes outstanding on the redemption date, plus accrued and unpaid interest on the notes to, but excluding, the redemption date.

If noteholders choose to convert their notes to common shares, the company has elected to settle the conversions at any time prior to 5 pm ET June 4. As of April 24, the conversion rate of the notes is 30.7692 shares of common stock of the company per $1,000 principal amount of the notes, equivalent to a conversion price of about $32.50 per share.

Based on this conversion rate, an aggregate of up to 17.5 million common shares will be issued if all of the notes are converted, the company said.

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