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Midday Commentary: Upsized Spirit Realty bonds a little over par, 'come in' a little with shares
By Rebecca Melvin
New York, May 15 - Spirit Realty Capital Inc.'s two new convertible bonds, including a $350 million deal of five-year notes and an upsized $300 million of seven-year notes, were a centerpiece of trade in the early going on Thursday.
The Spirit Realty 2.875% notes due 2019 were trading around 100.5 after earlier quotes at 100.5 to 101, and the Spirit Realty 3.75% notes due 2021 were a little over par after earlier trading at 101 but also printing late in the morning at 99.5, according to a syndicate source.
"They are coming in a little with the shares," the source said.
Earlier the stock was up at $11.10, but it had come back down to $10.80, which was still up by about a dime, or nearly 1%.
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