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Midday Commentary: Upsized AMAG, upsized Canadian Solar both add; Imperial Holdings on tap
By Rebecca Melvin
New York, Feb. 12 - AMAG Pharmaceuticals Inc.'s newly priced 2.5% convertibles traded up to 103ish in the early going Wednesday upon release for secondary market action following pricing of the Waltham, Mass.-based specialty pharmaceutical company's upsized $175 million of five-year notes at mixed terms, a Connecticut-based analyst said.
Strength in the new AMAG bonds was seen despite pressure on the shares. The bonds were quoted at 102.75 bid, 103.50 offered with the stock down. AMAG stock was down 21 cents, or 1%, at $19.86 at midmorning.
Canadian Solar Inc.'s newly priced 4.25% convertibles also traded up to about the 103 mark and then kept climbing to about 105 on their debut early Wednesday after the Markham, Ont.-based solar power components company priced an upsized $130 million of the five-year senior notes at mixed terms.
Canadian Solar shares were helping the bonds, however, trading up 34 cents, or 1%, at $36.51 at midmorning.
Both deals were upsized. AMAG's convertible was upsized by $25 million from an initially talked $150 million deal size, and Canadian Solar's deal was upsized by $30 million from an initially talked $100 million.
Both deals were doing well, a New York-based trader said, quoting the Canadian Solar convertible at 104.5 and the AMAG convertible at 102.5.
Also in the primary market, Imperial Holdings Inc., a Boca Raton, Fla.-based specialty finance company, launched an offering late Tuesday for $70 million of five-year convertibles. The deal was being marketed Wednesday by bookrunner FBR Capital Markets & Co. and seen pricing after the market close.
Talk is for a coupon of 8.5% to 9% and a premium of 20% to 25%.
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