Outlook 2013: Convertibles market 2012 winners and losers

Winners

PHH CORP.

Issuer:	PHH Corp.
Issue:	Convertible senior notes
Amount:	$250 million
Maturity:	June 15, 2017
Bookrunners:	J.P. Morgan Securities LLC and Bank of America Merrill Lynch
Coupon:	6%
Premium:	25%
Pricing date:	Jan. 11, 2012
Business:	Business process management services for the mortgage and fleet management industries
Initial hedged gain:	7 to 8 points
HELIX ENERGY SOLUTIONS GROUP INC.
Issuer:	Helix Energy Solutions Group Inc.
Issue:	Convertible senior notes
Amount:	$200 million
Maturity:	March 15, 2032
Bookrunner:	Raymond James & Associates Inc.
Coupon:	3.25%
Premium:	35%
Pricing date:	March 7, 2012
Business:	Offshore energy
Initial hedged gain:	7 to 8 points
Losers
AMARIN
Issuer:	Amarin
Issue:	Exchangeables
Amount:	$150 million
Maturity:	Jan. 15, 2032
Bookrunners:	Citigroup, JPMorgan
Coupon:	3.5%
Premium:	25%
Pricing date:	Jan. 4, 2012
Business:	Drug developer
Initial gain:	98.75 outright at close on debut
GT ADVANCED TECHNOLOGIES INC.
Issuer:	GT Advanced Technologies Inc.
Issue:	Convertible senior notes
Amount:	$220 million
Maturity:	Oct. 1, 2017
Bookrunners:	UBS Investment Bank, Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC
Coupon:	3%
Premium:	30%
Pricing date:	Sept. 25
Business:	Provider of solar equipment and services
Initial gain:	Expanded on debut, but currently down to 70 outright

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