NXP Semiconductors expands; Cheniere extends gains; Horizon Pharma deal looks ‘cheap’

By Rebecca Melvin

New York, March 5 – Convertibles were notably quiet on Thursday despite three deals on the calendar for pricing after the market close. Equities managed to snap a two-day losing streak, eking out small gains ahead of Friday’s February U.S. jobs report.

The market was “super quiet,” a New York-based trader said. A second trader said it was another quiet day in what has been a quiet week.

NXP Semiconductors NV’s convertibles improved on Thursday as trading action in that issue continued after a surge on Monday following news that the Dutch semiconductor components company has agreed to buy Freescale Semiconductor Ltd.

Cheniere Energy Inc.’s 4.25% convertibles traded up again on Thursday, extending gains notched on Wednesday on their debut in the secondary market after $625 million of the 30-year notes priced at 80.

Meanwhile, shares of the Houston-based energy company ticked lower in the early going but ended down only 2 cents at $78.41.

In the primary, Horizon Pharma plc plans to price $300 million exchangeable senior notes. The deal was seen as “cheap paper,” according to one trader. Horizon shares closed down 33 cents, or 1.6%, to $20.84.

InterDigital Inc. plans to price $275 million of five-year convertible senior notes. InterDigital shares were down $1.94, or 3.5%, at $53.61.

And Consolidated-Tomoka Land Co. plans to price $75 million of five-year convertible senior notes.

Consolidated-Tomoka shares were down $5.25, or 9%, at $54.04.

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