Morning Commentary: Euronet Worldwide adds outright; Aegerion drops after disappointing guidance

By Rebecca Melvin

New York, Oct. 31 – Euronet Worldwide Inc.’s newly priced 1.5% convertibles added a couple of points on an outright basis early Friday in active trade as shares of the Leawood, Kan.-based electronic payments provider gained following pricing of its $350 million convertibles deal.

Euronet’s 1.5% convertibles due 2044 traded at 102, according to Trace data, and accounted for about a third of total traded convertibles volume tallied by Trace.

Elsewhere, Aegerion Pharmaceuticals Inc.’s 2% convertibles due 2019 slumped to the low 80s from the upper 80s as shares of the Cambridge, Mass.-based biopharmaceutical company tumbled 38% following disappointing guidance.

Aegerion priced the $300 million issue of five-year convertible senior notes in August.

Late Thursday, the company reported third-quarter revenue that missed estimates and guided below consensus for full-year revenue. The report was followed by a downgrade on Friday by Jefferies, which is the bank along with J.P. Morgan Securities LLC that brought the deal, and which is also the bank whose global head of health care investment banking, Sage Kelly, has entangled Aegerion chief executive Marc Beer in a scandal, alleging drug-use and extramarital sex.

The allegations came out last week in court papers filed by Kelly’s estranged wife Christina Di Mauro Kelly in their divorce case.

The Aegerion board issued a statement on Tuesday expressing support for Beer, who denies the allegations.

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