Interactive Intelligence trades lower; secondary market flat; international primary active

By Rebecca Melvin

New York, May 20 – Interactive Intelligence Group Inc.’s newly priced 1.25% convertibles traded weakly on Wednesday after the Indianapolis-based communications software company priced $150 million of the five-year senior notes at the rich end and beyond the rich end of talked terms, market sources said.

The new bonds were quoted at 98.625 bid, 99.375 offered versus an underlying share price of $44.70.

Interactive Intelligence shares were off 71 cents, or 1.6%, at $44.65 at late morning.

Back in established issues, Tesla Motors Inc.’s convertibles were seen little changed, a New York-based trader said. The overall convertibles space was lackluster, with most names moving in line, or flat, with the underlying shares.

“It was an unremarkable session,” the trader said.

There were new issues in the primary market internationally that were launched and priced on Wednesday.

America Movil SAB de CV launched and priced an upsized €3 billion of five-year 0% bonds exchangeable into shares of Koninklijke KPN NV with an initial conversion premium of 45%, and Ablynx NV launched and priced €100 million of five-year convertible bonds to yield 3.25% with an initial conversion premium of 26.5%.

Element Financial Corp. priced C$500 million of extendible convertible debentures on a bought deal basis to yield 4.25% with an initial conversion premium of 40%, and Tokyo-based T&D Holdings Inc. said it plans to price ₯30 billion of five-year convertibles at 103%, with a 0% coupon and a 40% to 50% initial conversion premium.

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