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Midday Commentary: New SunEdison moves higher despite stock dip; new TPG Specialty flattish
By Rebecca Melvin
New York, June 5 – SunEdison Inc.’s newly-priced 0.25% convertibles traded higher early Thursday after the semiconductor and solar technology company priced $500 million of the 5.5-year senior notes beyond the tight end of coupon talk and at the tight end of premium talk.
The new SunEdison bonds were seen at 101.75 bid, 102.25 offered with the underlying shares at $20.10, a Connecticut-based trader said.
SunEdison shares traded lower by about 1.5%.
SunPower’s existing 2% convertibles and 2.75% convertibles, which priced in December, didn’t contract with the new issue, sources said.
Given the scant 0.25% coupon compared to the older convertibles, “the new ones weren’t that cheap compared to the olds,” the Connecticut-based trader said.
Meanwhile, the company’s market capitalization has ballooned to $5.45 billion currently from $3 billion in December.
Also heard in trade early Thursday was the new TPG Specialty Lending Inc. 4.5% convertible, of which $100 million priced after the market close Wednesday at the midpoint of talked terms.
The new TPG convertibles were quoted at 100.5 bid, 101 offered with the underlying shares at $22.61.
The TPG shares were up about 1%.
Laclede Group Inc. was expected to price its deal for $125 million of equity units late Thursday, not late Wednesday as Prospect News incorrectly reported previously. That deal is coming along with three others expected to price after the market close, including Illumina Inc.’s $900 million of convertible senior notes in two equal tranches, SunPower Corp.’s planned $400 million of seven-year convertible senior debentures, and Trina Solar Ltd.’ s planned $150 million of convertible notes.
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