Midday Commentary: New American Tower mandatory adds; Electronic Arts little changed after earnings

By Rebecca Melvin

New York, May 7 - American Tower Corp.'s newly priced 5.25% convertible mandatory preferreds rose in early trading Wednesday after being released for secondary market action.

The company priced the upsized $510 million deal, which came at the talked, fixed terms, late Tuesday. The deal was upsized from $425 million.

American Tower's mandatories were quoted by a Connecticut-based trader at 102.75 bid, 103.125 offered with the underlying shares up about 1%.

Elsewhere, Electronic Arts Inc.'s 0.75% convertible due 2016 was trading actively, but its price appeared little changed despite a 15% surge in the underlying shares after the Redwood City, Calif.-based video game publisher reported earnings.

The Electronic Arts bonds traded at 121.285, according to Trace data, which was little changed to up 0.125 point.

Meanwhile, Yahoo! Inc.'s 0% convertibles due 2018 were not heard in trade despite very active trading of the underlying shares of the Sunnyvale, Calif.-based internet search, content and communications company.

The Yahoo! shares, which turned lower late Tuesday, resumed their slump Wednesday and were last down nearly 7% on the heels of news regarding China's e-commerce giant Alibaba Group Holding Inc.'s plan to go public.

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