Synchronoss’ 0.75% notes dominate, trade above par; Empire State prices; MolyCorp mixed

By Stephanie N. Rotondo

Phoenix, Aug. 7 – A convertible bond trader said Synchronoss Technologies Inc.’s new 0.75% convertible senior notes due 2019 were dominating on Thursday.

A trader placed the $200 million issue at 102.75 to end the day. The equity was meantime off 47 cents, or 1.22%, at $38.20.

The deal came via Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC early Thursday. The notes have an initial conversion price of $53.17 per share and an initial conversion premium of 37.5%.

Price talk had been in a 0.75% to 1.25% range, with the conversion premium expected between 32.5% and 37.5%.

The Synchronoss deal wasn’t the only new issue to come out of the primary, though there was little goings-on in Empire State Realty Trust Inc.’s $250 million of 2.625% exchangeable senior notes due Aug. 15, 2019.

That issue priced late Wednesday via Goldman Sachs & Co.

The notes bear an initial exchange rate of 51.4059 shares of Empire State Realty Trust class A common stock per each $1,000 of notes. The exchange price is $19.45 per share, equaling an exchange premium of 22.5%.

MolyCorp Inc.’s 3.25% convertible notes due 2016 remained on the active side Thursday as investors continued to react positively to news out Wednesday regarding a new $400 million financing commitment from Oaktree Capital.

A trader pegged the convertible debt at 74.

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