Morning Commentary: Greenbrier’s upsized convertible offering prices, trades up on debut

By Abigail W. Adams

Portland, Me., April 16 – The last new deal of the week hit the convertibles secondary space on Friday.

Greenbrier Cos., Inc. priced an upsized $325 million of seven-year convertible notes after the market close on Thursday at par with a coupon of 2.875% and an initial conversion premium of 30%, according to a company news release.

Pricing came at the cheap end of talk for a coupon of 2.375% to 2.875% and an initial conversion premium of 30% to 35%, according to a market source.

The new paper was putting in a strong performance on debut.

The notes traded up to 102 on an outright basis with stock up a little over 1%, according to a market source.

Greenbrier’s stock was changing hands at $43.10 shortly before 11 a.m. ET.

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