New Clovis, Depomed upsized, add on debut; Electronics For Imaging edges up; Teslas mixed

By Rebecca Melvin

New York, Sept. 4 – Two new convertibles issues in the health care space for $550 million in base-deal proceeds traded up in the early going on Thursday, and a third new deal for $300 million in the technology space also edged higher outright after pricing late Wednesday.

Clovis Oncology Inc.’s new 2.5% convertibles were trading up at 102 after the Boulder, Colo.-based biopharmaceutical company priced an upsized $250 million of the seven-year notes at the rich end of talked terms.

Depomed Inc.’s newly priced 2.5% convertibles also gained to 102 after the Newark, Calif.-based specialty pharmaceutical company priced an upsized $300 million of the seven-year notes through the rich end of talked terms.

Electronics For Imaging Inc.’s new 0.75% convertibles also edged up. They traded out of the chute at 100.125 and traded up to 101.635 when the underlying shares were up 1.8%. When shares were up 2% the new paper traded at 102, a syndicate source said.

The Fremont, Calif.-based printing devices company priced $300 million of the five-year notes at the price points at which they were fixed following initial talk for a 0.5% to 1% coupon and 25% to 30% premium.

Back in established issues, Tesla Motors Inc.’s convertibles were mixed in active trade, with the shorter-dated, new paper up 0.25 point on a dollar-neutral, or hedged, basis. The longer-dated, new paper was unchanged, and the older issue was down 0.125 point to 0.25 point.

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