Morning Commentary: NantHealth, Amicus Therapeutics in the market; Aegean’s new issue below par

By Stephanie N. Rotondo

Seattle, Dec. 15 – The new convertible bond deal flow continued to push out deals on Thursday, as NantHealth Inc. announced plans to sell $100 million of five-year convertible senior notes.

The yield is talked at 5% to 5.5% with an initial conversion premium of 25% to 30%.

J.P. Morgan Securities LLC and Jefferies LLC are running the books.

In addition to NantHealth, the market was also waiting for a $225 million offering of seven-year convertibles from Amicus Therapeutics Inc.

The Amicus offering was announced late Wednesday. The issue is being talked with a 2.75% to 3.25% yield and an initial conversion premium of 25% to 30%, according to a market source.

Goldman Sachs & Co. and JPMorgan are leading the Rule 144A offering.

Both new issues are expected to price after Thursday’s close.

From Wednesday’s business, Aegean Marine Petroleum Network Inc.’s 4.25% convertible notes due 2021 were seen straddling 99, unchanged day over day.

The underlying stock (NYSE: ANW), however, continued to soften, slipping 7 cents in early trading to $10.38.

The deal came upsized from $100 million and an initial conversion premium of 22.5%. The issue priced at the mid-range of talk for a yield of 4% to 4.5% and an initial conversion premium of 20% to 25%.

Jefferies ran the books.

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