Midday Commentary: New Live Nation adds on debut; Spirit Realty issues strengthening

By Rebecca Melvin

New York, May 20 -Live Nation Entertainment Inc.'s new 2.5% convertibles traded a bit higher in the early going on Tuesday after the Los Angeles-based concert promoter and music venue manager priced $250 million of the senior notes at the rich end of talked terms.

The new Live Nation convertible was quoted at 101.125 bid, 101.625 offered with the stock at $22.65. The stock price was a few cents lower than the stock reference price of $22.74.

Elsewhere, Spirit Realty Capital Inc.'s two convertibles that priced last week were seen edging up again in active trade with the underlying shares of the Scottsdale, Ariz.-based real estate investment trust up about 0.5%. The bonds were also a little better on Monday. The paper debuted in the secondary market last Thursday.

Spirit Realty's 2.875% convertible due 2019 traded at 101.17, according to Trace data, with the shares at about $11.40. That compares to 100.625 bid, 101 offered at versus an underlying share price of $11.36 at the end of Monday.

Spirit Realty's 3.75% convertibles due 2020 traded at 101.253, according to Trace data, against the $11.40 stock price. That compares to 100.75 bid, 101.25 offered versus the $11.36 share price at the end of Monday.

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