Midday Commentary: new National Health Investors trades around par; Jarden 1.875% convert in trade

By Rebecca Melvin

New York, March 20 - National Health Investors Inc.'s newly priced 3.25% convertibles were quoted at 100 bid, 100.5 offered with the underlying shares at $60.15, according to a syndicate source at late morning Thursday.

Meanwhile the company's shares were up 31 cents, or 0.5%. The bonds also printed lower at 99.5 in morning action.

The Murfreesboro, Tenn.-based health care real estate investment trust priced $175 million of the seven-year convertibles to yield 3.25% with an initial conversion premium of 20% after the close on Wednesday. Those terms were mixed compared to talk.

The new National Health issue was a primary focus of the early market. But Jarden Corp.'s 1.875% convertibles due 2018 remained somewhat active, recouping a little bit with the company's shares up 0.5% after having shaved some off on Wednesday. They traded around 141.

Before Jarden priced its latest issue of $600 million of 1.125% convertibles due 2034 earlier this month, the Jarden 1.875% convertibles had traded around the 145 mark.

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