New Rovi bond jumps outright, adds dollar neutral; Goodrich Petroleum pops; EnerNOC tanks

By Rebecca Melvin

New York, Feb. 27 – Rovi Corp.’s newly priced 0.5% convertibles jumped on an outright basis and added about 0.75 point to 1 point on a hedged basis Friday after the Santa Clara, Calif.-based software and internet media company priced $300 million of the five-year senior notes at the midpoint of coupon talk and toward the rich end of premium talk, market sources said.

The new Rovi 0.5% convertibles due 2020 were bid at 101.5 versus an underlying share price of $22.94 in the early going and closed at about 105 with the stock higher, sources said.

Elsewhere, EnerNOC Inc.’s 2.25% convertibles dropped sharply to distressed levels along with a slide in the underlying shares after the Boston-based energy intelligence software company reported a quarterly loss that was in line with estimates but warned that current-quarter and full-year results will be lower than expected.

Goodrich Petroleum Corp.’s 5% convertibles moved in the opposite direction, however, gaining 5 or 6 points after the struggling Houston-based oil and gas exploration and production company announced additional financing via second-lien notes and an amendment to its existing credit facility.

Otherwise the trading session was pretty quiet, market sources said, as many players spent the last trading session of February marking their books, after having trimmed or added to existing holdings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.