New Quidel lifts from issue; PROS on tap; BPZ slides to low 30s; energy sector firmer

By Rebecca Melvin

New York, Dec. 3 – Quidel Corp.’s new 3.25% convertibles traded up a point or two on Wednesday after the San Diego-based diagnostic testing company priced $150 million of the six-year senior notes at the cheap end of the talked coupon range and at the midpoint of the premium range.

Quidel was seen at 101.5 bid, 102.25 offered with the underlying shares at $23.80.

During the session, Quidel’s shares fluctuated, climbing from early lows, but pulling back at late morning, and the new notes followed suit, a New York-based trader said.

Also in the primary market, Cyan Inc. launched a small offering of five-year convertible senior notes and related warrants via bookrunner Jefferies & Co. LLC. Further details of the $50 million deal were not immediately available.

After the market close, PROS Holdings Inc. launched a $125 million offering of five-year convertible senior notes to yield 1.75% to 2.25% and with an initial conversion price of 27.5% to 32.5%.

Back in the secondary market, BPZ Resources Inc. was in focus as the underlying shares of the Houston-based oil and gas company slid by as much as 50% to as low as 17 cents. The BPZ convertibles traded down to as low as 32.

The energy sector overall was described as firmer, however.

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