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Morning Commentary: New Novavax notes trade up after upsizing, pricing beyond cheap end of talk
By Rebecca Melvin
New York, Jan. 26 – Novavax Inc.’s newly priced 3.75% convertibles due 2023 traded up in after-market action early Tuesday after the Rockville, Md.-based biotechnology company brought an upsized $300 million of the senior notes beyond the cheap end of talk.
The Novavax convertibles were seen at 101.5 bid, 102 offered versus an underlying share price of $5.56 at late morning, a New York-based trader said.
A second trader quoted the market at 102 bid, 102.75 offered versus a share price of $5.56.
The Novavax deal was initially talked at $200 million in size with the midpoint of price talk at a 3% coupon and a 30% initial conversion premium.
It was difficult to glean too much from the deal in terms of market conditions, however, given that this was the first deal of the year and the market has been non-existent up to this point, the trader said.
“Will we have to wait five more months for another deal?” he asked.
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