New Belden jumps on debut; Blackhawk on tap; Intel edges up on swap; Proofpoint shares up

By Rebecca Melvin

New York, July 21 – Belden Inc.’s newly priced 6.75% mandatory convertible preferred stock jumped in trade on Thursday after the St. Louis-based networking, connectivity and cable products company priced $450 million of the shares at the cheap end of talked terms ahead of the market open.

The new Belden mandatory jumped to 105 and was quoted at 105 bid, 105.5 offered in early trade. Against somewhat lower shares at the end of the session, the new paper had ticked lower to 104.875, according to a New York-based trader.

The deal was launched after the market close on Wednesday and priced on an overnight basis, or ahead of the open on Thursday.

Also in the primary market, Blackhawk Network Holdings Inc.’s planned $425 million deal of 5.5-year convertible senior notes was being eyed. But there was no gray market quoted ahead of final terms, which were expected to be fixed after the market close.

A syndicate source confirmed that price talk was for a coupon of 1.5% to 2% and an initial conversion premium of 35% to 40%.

Intel Corp.’s two convertible bond issues were called about 0.25 point higher on a swap basis after the Santa Clara, Calif.-based semiconductor giant posted a mixed earnings report.

After the market close, Proofpoint Inc. shares jumped more than 13% in after-hours action after reporting strong second-quarter results.

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