Midday Commentary: New SunEdison tranches trading 'up nicely'; new Alpha Natural paper adds

By Rebecca Melvin

New York, Dec. 13 - SunEdison Inc.'s new $1 billion issue of convertible senior notes in two tranches was trading up nicely, a syndicate source said early Friday, adding that both series were up about 1.5 points.

The SunEdison 2.75% seven-year convertibles, or the B tranche, were quoted at 100.875 bid, 101.875 offered versus an underlying share price of $11.35 by a second market source. He said that he saw the B tranches up about 2 points since being launched.

Meanwhile, Alpha Natural Resources Inc.'s newly priced 4.875% seven-year convertibles were also said to be "trading well," according to a syndicate source.

The new Alpha Natural bond was last seen at 100.875 bid, 101.375 offered versus an underlying share price of $6.33, the syndicate source said.

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