Morning Commentary: Inotiv convertible notes price, trade up on secondary market debut

By Abigail W. Adams

Portland, Me., Sept. 23 – What promises to be the likely last new deal of the week hit the convertibles secondary space on Thursday.

Inotiv Inc. priced an upsized $125 million of six-year convertible notes after the market close on Wednesday at par with a coupon of 3.25% an initial conversion premium of 35%.

Pricing came at the midpoint of talk for a coupon of 3% to 3.5% and at the rich end of talk for an initial conversion premium of 30% to 35%.

While the offering was upsized, the greenshoe was downsized to $15 million. The offering was initially slated to be $110 million with a greenshoe of $16.5 million.

The new paper was putting in a strong performance in the secondary space.

The notes traded up to 102.5 on an outright basis with stock off early in the session.

Inotiv’s stock was changing hands at $33.91, a decrease of 0.59%, shortly before 11 a.m. ET.

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