New Wright Medical gains; Wright Medical’s 2020 convertible lower; Nvidia jumps in line

By Rebecca Melvin

New York, May 13 – Wright Medical Group NV’s newly priced 2.25% convertibles traded higher on Friday after the new issue of $395 million of 5.5-year convertible senior notes was released for secondary market dealings, a New York-based trader said.

The new issue, which was a private placement and exchange, was seen trading in the 102.25 to 103 context against shares at $17.35, a New York-based trader said early Friday. Shares were lower at that time, trading down some 2.2% to $17.41. The stock ended unchanged on the day at $17.80.

The initial conversion premium of the new bond was 20% over the closing share price of the shares on Thursday.

J. Wood Capital Advisors LLC was the private placement agent.

The older Wright Medical 2% convertibles due 2020 were bouncing around in active trade, and were last seen at 93.7. That was up from earlier trades of about 92.4 to 92.75 but lower compared to 94.8 previously.

The other issue, Wright Medical 2% convertibles due 2017, has barely anything left outstanding and were not seen to have traded on Friday.

Elsewhere, Nvidia Corp.’s shares traded at all-time highs after the Santa Clara, Calif.-based company’s gaming revenue jumped 17% year over year, a New York-based trader noted. The Nvidia 1% convertibles due 2018 surged more than 20 points to more than double par as shares popped 15%.

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