Morning Commentary: New Cinedigm convertibles trade at 101 to 103; Pernix around par

By Rebecca Melvin

New York, April 24 – Cinedigm Corp.’s newly priced 5.5% convertibles traded up a point or two on an outright basis in the early going Friday after the New York-based distribution rights company priced $64 million of the senior notes at the cheap end and beyond the cheap end of talk, according to a syndicate source.

The Cinedigm bonds were quoted at 101 bid, 103 offered, with the underlying shares up most recently by 2 cents, or 2%, to $0.99.

Cinedigm, a distributor of independent, short form movie and television content, saw its shares plunge 23% on Thursday after the deal was launched.

Elsewhere, Pernix Therapeutics Holdings Inc.’s 4.25% convertibles, which priced last week, were quoted at 99.25 bid, 100.5 offered versus a share price of $7.33 early Friday by a syndicate source. Shares of the Morrisville, N.J.-based specialty pharmaceutical company were last down 15 cents, or 2%, at $7.18.

Pernix priced an upsized $130 million of the six-year notes at mixed terms compared to talk on April 16.

Before that, the most recent deal in the new issue market, which has been very quiet this month, was Trinity Biotech plc’s $115 million 4% exchangeable senior notes, priced via Raymond James on April 2.

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