New Euronet adds outright, expands on swap; Aegerion drops after disappointing guidance

By Rebecca Melvin

New York, Oct. 31 – Euronet Worldwide Inc.’s newly priced 1.5% convertibles traded up more than 3 points on an outright basis and expanded on a dollar-neutral, or hedged, basis on Friday after the Leawood, Kan.-based electronic payments provider priced $350 million of the 30-year senior notes at the rich end and toward the rich end of talk. Shares were up about 4% at the time the bonds were at their highest levels.

Euronet’s new convertibles traded at 102 in the early going and moved up to more than 103 as shares rose. But the stock pulled back late in the day and ended at $53.57, which was up just 0.4%.

Back in established issues. Aegerion Pharmaceuticals Inc.’s 2% convertibles due 2019 slumped to the low 80s from the upper 80s as shares of the Cambridge, Mass.-based biopharmaceutical company tumbled 41% following disappointing guidance.

Aegerion priced the $300 million issue of five-year convertible senior notes in August.

Elsewhere, the convertibles space was mixed as some outright profit-takers stepped in following a fairly quiet week overall, a New York-based trader said.

The stock market rallied, however.

“Maybe some guys are taking profits on stock position,” he said.

Meanwhile, Spansion Inc.’s 2% convertibles due 2020 crossed the tape at 154.276 on Friday, which was up more than 18 points outright, as shares of the Sunnyvale, Calif.-based semiconductor device company surged 24.5% following a mixed earnings report.

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