FXCM slips following details of Leucadia financing; SunEdison launches $350 million deal

By Rebecca Melvin

New York, Jan. 20 – FXCM Inc. weakened in active trade on Tuesday following the release of details on the New York-based foreign exchange company’s financing arrangement from Leucadia National Corp.

FXCM shares, which were halted on Friday pending news, reopened Tuesday and promptly collapsed nearly 90% to as low as $1.28.

FXCM was a primary focus of the convertibles market for a second straight day on Tuesday after accounting for the lion’s share of Friday’s action after the company warned of massive client losses tied to a spike in the Swiss franc.

Markets were closed on Monday for the Martin Luther King Jr. holiday.

Elsewhere, Aegerion Pharmaceuticals Inc.’s 2% convertible were indicated to have traded up 5 or 6 points to 90 as shares of the Cambridge, Mass.-based biopharmaceutical company jumped about 10%.

Illumina Inc.’s convertibles were also indicated higher with shares of the San Diego, Calif.-based life sciences company up 7%.

The Illumina 0.25% convertibles were seen up at 235, which was up from 220, according to a market source.

After the market close, SunEdison Inc. launched an offering of $350 million of 7.25-year convertible senior notes that were expected to price late Wednesday and were talked to yield 2.125% to 2.625% with an initial conversion premium of 32.5% to 37.5%.

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