Morning Commentary: New Liberty Media/Time Warner exchangeable adds in early action

By Rebecca Melvin

New York, Aug. 12 – Liberty Media Corp.’s newly priced exchangeable for common shares of Time Warner Inc. traded up early Friday upon release for secondary dealings after an upsized $444.6 million of the 30-year paper priced at the midpoint of talked terms, according to market sources.

The new Liberty Media/Time Warner exchangeable traded at 101.25 bid, 101.5 offered, a New York-based trader said. Time Warner’s shares were up fractionally at $80.60.

Pricing of the Rule 144A deal came at the midpoint of talk, which was for a 2% to 2.5% coupon and a 27.5% to 32.5% premium.

An older Liberty Media/Time Warner convertible was not trading in the early going, the trader said.

Equities were toggling the flat line in early trade with the S&P 500 stock index last down 1.5 points at 2,184.32.

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