| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for Kinder Morgan Inc. > News item |
Morning Commentary: Downsized Endologix trades up on debut; Kinder Morgan better; Twitter shares sink
By Rebecca Melvin
New York, Oct. 28 – Endologix Inc.’s newly priced 3.25% convertibles traded up on their debut Wednesday after the Irvine, Calif.-based developer and maker of aortic disorder treatments priced a downsized $110 million of the five-year senior notes at the cheap end of talked terms.
The new Endologix convertibles traded last at 105.25, a syndicate source said.
The new bonds expanded multiple points initially, but the stock has since risen, so some of the points have come out of that gain on a hedged basis, the source said. The shares were last at $9.40, which was up 6%.
About $15 million of the bonds had changed hands as of late morning, the source said.
“The deal went well. It was downsized, but traded 105.25 with the stock much lower at around $8.90,” the source said.
The bond was downsized to $110 million from $150 million after Endologix shares plunged 36% on the heels of the deal launch. Endologix said in a press release that the deal size was reduced due to market conditions and the price of the company’s stock at the time of pricing.
Elsewhere Kinder Morgan, Inc.’s new 9.75% mandatory convertible traded better on Wednesday compared to Tuesday, when the $1.57 billion deal debuted.
The mandatory was seen at about 48.5 to 49, after it dropped to about 48 on Tuesday. Kinder Morgan shares were up 36 cents, or 1%, at $27.63.
Twitter Inc. shares dropped in the early going on Wednesday after the San Francisco-based social media company’s latest quarterly results showed disappointing user growth and a lackluster outlook for current-quarter revenue.
© 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.