Morning Commentary: New Blackhawk convertible bonds add outright in active trade

By Rebecca Melvin

New York, July 22 – Blackhawk Network Holdings Inc.’s newly priced 1.5% convertibles due 2022 traded up on an outright basis early Friday after the Pleasanton, Calif.-based payment services company priced an upsized $460 million of the 5.5-year senior notes at the rich end and beyond the rich end of talked terms.

The new Blackhawk 1.5% convertibles traded at 102.375 in the early going, according to Trace data. And a recent level was 102.375 bid, 102.875 offered against a share price of $35.70, according to a syndicate source.

Blackhawk shares were up 71 cents, or 2% at $35.70.

Blackhawk was the most actively traded name in the convert space on Friday with $115 million of bonds having changed hands by late morning out of total volume of $215 million of convertible bonds having traded, according to Trace data.

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