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Morning Commentary: New Insulet convertible trading up a point on swap
By Rebecca Melvin
New York, Sept. 8 – Insulet Corp.’s newly priced 1.25% convertibles due 2021 were trading well in the early going upon release for secondary dealings early Thursday and were up a point on swap, a syndicate source said.
The Bedford, Mass.-based medical device maker priced an upsized $300 million of the five-year senior notes at the rich, or tight, end of talked terms for a 1.25% to 1.75% coupon and a 27.5% to 32.5% initial conversion premium.
The new bonds were trading a bit above par with the paper’s underlying shares down fractionally.
“They are trading well,” said the syndicate source, noting that the trading price was fluid.
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