ON Semiconductor up on swap on debut; LinkedIn adds on swap; Anadarko launches offering

By Rebecca Melvin

New York, June 3 – ON Semiconductor Corp.’s newly priced 1% convertible bonds rose on an outright basis and were better on swap on their debut in secondary market dealings on Wednesday after the Phoenix-based semiconductor company priced $600 million of the senior notes at the rich end of talked terms.

The new ON Semiconductor bonds due 2020 were seen at 103.25 bid, 103.75 offered toward the end of the session versus an underlying share price of $13.25.

A trader said that a big chunk of the day’s volume was in the new ON Semiconductor convertible, but it was not widely traded.

“It’s not being quoted in the Street right now. It’s all being done on swap and the underwriters are controlling it,” the trader said at late morning.

LinkedIn Corp.’s convertibles were active, with the bonds up 0.5 point on a dollar-neutral basis as shares gained 4% after JPMorgan put the Mountain View, Calif.-based business-oriented social networking service company on its focus list, a New York-based trader said.

After the market close, Anadarko Petroleum Corp. launched a mandatory deal for $325 million tangible equity units, exchangeable into shares of its subsidiary Western Gas Equity Partners LP.

Anadarko is also pricing a $125 million follow-on offering of common units of Western Gas Equity Partners, with Anadarko as selling shareholder.

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