Morning Commentary: New Kinder Morgan mandatory trades lower, Endologix shares plunge

By Rebecca Melvin

New York, Oct. 27 – Kinder Morgan Inc.’s newly priced 9.75% mandatory convertible preferred stock was trading a little lower than its $49 offer price in active trade in the early going on Tuesday, according to a market source.

The new Kinder mandatory was trading right around $48.50 last, but had been moving in tandem with the underlying shares during the session. They had been lower earlier, the source said.

Kinder Morgan shares were last down 0.4% at $27.50.

Elsewhere in the primary market, Endologix Inc. launched a $150 million deal of three-year convertible senior notes late Monday for pricing late Tuesday.

Endologix shares plunged in the early going Tuesday and were last seen down 34% at $9.08.

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