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Midday Commentary: AMAG Pharmaceuticals trades up slightly; Brookdale responds to acquisition news
By Rebecca Melvin
New York, Feb. 21 - AMAG Pharmaceuticals Inc.'s 2.5% convertibles, which priced earlier this month, showed up on the Trace tape early Friday, changing hands at 107.125, which was up 0.235 point with shares of the Waltham, Mass.-based specialty pharmaceutical company trading a little lower.
The $200 million AMAG deal priced Feb. 11. With the stock at about $21.47, the bonds traded at 107.125.
U.S. convertibles were quiet again, a New York-based trader said early Friday, with various names in trade but on thin volume.
Brookdale Senior Living Inc.'s convertible bonds and shares traded up after the Brentwood, Tenn.-based operator of assisted-living homes announced it is buying Emeritus Senior Living for about $1.4 billion and assuming $1.4 billion of debt.
The Brookdale 2.75% convertibles due 2018, which priced in the middle of 2011, traded at 128.313 with shares higher.
The Brookdale shares were last at $31.22, which was up $1.13, or 3.8%. But they had hit a 52-week high of $32.85 earlier Friday.
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