American Realty tranches better after sharp losses; Euronet, American Energy to price

By Rebecca Melvin

New York, Oct. 30 – American Realty Capital Properties Inc.’s convertibles were slightly better Thursday after dropping sharply on Wednesday after the New York-based real estate investment company announced accounting errors at the company.

The real estate company said certain amounts related to adjusted funds from operations were overstated and not corrected when discovered. The Securities and Exchange Commission has begun an investigation into the matter, according to reports.

“A lot of people are looking at this now, across the capital structure,” a New York-based trader said.

Otherwise, market players said convertibles were quiet, with no particular trends marking the session.

Twitter Inc.’s convertibles lagged further in early trade two days after the San Francisco-based social media company reported lower user growth statistics that disappointed investors. But shares that were down another 2.3% in the early going following Tuesday’s 10% drop recouped most of the day’s losses by the close.

Ahead of the market open, Euronet Worldwide Inc. launched a deal for $350 million of 30-year convertible senior notes that were planned to price after the market close to yield 1.375% to 1.875% with an initial conversion premium of 30% to 35%.

Also in the primary market, American Energy Permian Holdings LLC, an affiliate of American Energy – Permian Basin LLC and American Energy Partners LP, said late Wednesday it plans to price $800 million of eight-year exchangeable junior subordinated notes in a private offering.

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