NXP Semiconductors expands after merger news; American Realty improves; Gogo to price

By Rebecca Melvin

New York, March 2 – Convertibles traded quietly on the first trading day of March on Monday as equities pushed higher again, sending the Nasdaq Composite above the 5,000 mark for the first time in 15 years.

The day’s gains came on top of strong moves in stock markets for February. The S&P 500 stock index was up 4% last month.

On Monday in convertibles, NXP Semiconductors NV’s 1% notes jumped on an outright basis and expanded on a dollar-neutral basis after news that the Dutch semiconductor components company has agreed to buy Freescale Semiconductor Ltd. for about $16.7 billion, including debt, according to a statement.

The deal is expected to be completed in the second half of this year.

American Realty Capital Properties Inc.’s convertibles also rose on good news. The real estate investment trust filed restated results that showed wider losses for 2013 and the second quarter of 2014, but they didn’t reveal anything more than market players were expecting.

Goodrich Petroleum Corp.’s 5% convertibles edged higher again despite sharply lower shares after the Houston-based oil and gas exploration and production company priced 12 million shares of common stock at $4.15 per share.

The primary market was quiet during the session, but after the market close, Gogo Inc. launched a deal for $300 million of five-year convertible senior notes that were being sold via bookrunners J.P. Morgan Securities LLC and BofA Merrill Lynch.

© 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.