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Morning Commentary: New Tutor Perini convertible trades higher with stronger shares
By Rebecca Melvin
New York, June 10 – Tutor Perini Corp.’s newly priced 2.875% convertibles traded up in early action on Friday after the Los Angeles-based construction management company priced an upsized $175 million of the five-year senior notes at the rich end of talked terms.
The new issue was initially talked to be $125 million in size.
The new Tutor Perini convertibles were seen last at 104.25 bid, 104.75 offered, with Tutor Perini shares up 86 cents, or 3.9%, at $22.86.
Out of the chute, the new bond traded at 102.75 bid, 103.25 offered versus Thursday’s closing share price of $22.00, a New York-based trader said.
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