| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Square Inc. > News item |
Morning Commentary: Lumentum prices rich, comes upsized; Ashford falls on add-on; Square active
By Stephanie N. Rotondo
Seattle, March 3 – The convertible bond market continued to see new deals as the week neared its close.
Lumentum Holdings Inc. priced $400 million of 0.25% convertible senior notes due 2024 ahead of the market’s open on Friday.
The deal came with an initial conversion premium of 32.5% and was upsized from $350 million.
The yield and the conversion premium were at the rich end and beyond the rich end of talk, respectively.
Goldman Sachs & Co. ran the books.
Post-pricing, the deal was doing well, trading around 100.75, according to a market source.
The underlying equity (Nasdaq: LITE), however, was off 17 cents at $45.58.
Meanwhile, Ashford Hospitality Prime Inc. said late Thursday that it sold $49.39 million additional 5.5% series B cumulative convertible preferreds (NYSE: AHPPrB).
The company had initially planned to sell $28.75 million of the preferreds.
However, the deal came at a discount at $20.19 per share.
Come Friday, the paper was off 34 cents, or 1.69%, at $19.75.
UBS Securities LLC, Morgan Stanley & Co. LLC and FBR Capital Markets were the bookrunners.
As for other deals from the week, Square Inc.’s $400 million of 0.375% convertible senior notes due 2022 – a deal priced Wednesday – continued to be active.
The paper inched up a touch early Friday, trading around 102.5, a market source reported.
The company’s shares (NYSE: SQ) were slightly lower, slipping a penny to $16.98.
The deal came via Goldman Sachs and J.P. Morgan Securities LLC with an initial conversion premium of 32.5%, which was at the mid-line of talk. The yield came at the rich end of the 0.375% to 0.875% talk.
The deal was also upsized from $350 million.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.