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Morning Commentary: New Pernix convertibles trade up; ServiceNow drops outright after earnings
By Rebecca Melvin
New York, April 17 – Pernix Therapeutics Holdings Inc.’s newly priced 4.25% convertibles traded up on their debut in the secondary market on Friday after the Morrisville, N.J.-based specialty pharmaceutical company priced an upsized $130 million of the six-year notes at terms that were mixed compared to talk.
The bonds, which priced at the cheap end of the coupon range and beyond the rich end of the initial premium range, were seen at 103.75 bid, 104.25 offered versus a share price of $8.45 in the early going. The bonds were also quoted at 104.5 bid, 105 offered versus a share price of $8.50 by a syndicate source.
Pernix shares were last up 8 cents, or nearly 1%, at $8.42.
“I think the deal was pretty much placed before it came to market,” a New York-based trader said.
The broader markets were weaker with equity indices sharply lower amid a combination of pressure from selling in overseas markets and weak earnings reports.
ServiceNow Inc.’s 0% convertibles due 2018 fell 7 points on an outright basis to 119.75, according to Trace data. Shares of the San Diego, Calif., cloud-based IT services company were also sharply lower, so it wasn’t immediately known how the bond did on a swap basis.
ServiceNow reported a loss of $58.1 million, or 38 cents per share, but excluding items, the result beat estimates. Revenue was $212 million for the quarter, which was in line with estimates.
The company guided its current quarter revenue below consensus estimates but raised the low end of its full-year revenue outlook.
ServiceNow shares were last off $10.97, or 13%, at $71.87.
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