Convertibles mixed; Pretium up; Intel, Caesars Entertainment active in secondary market

By Cristal Cody

Tupelo, Miss., Oct. 11 – Convertibles ended mostly mixed on Wednesday with several issues seen trading actively.

Pretium Resources Inc.’s 2.25% convertible senior subordinated notes due 2022, which priced in a $100 million deal in February, ended the session at 103.77, compared to 95.01 on Tuesday, a source said. The company’s shares climbed $2.43, or 25.1%, to close at $12.11.

Vancouver, B.C.-based Pretium owns and develops gold, silver and copper mineral interests.

Its stock surged after the company reported that its Brucejack mine produced more than 82,000 ounces of gold in the third quarter.

Meanwhile, Intel Corp.’s convertibles also continued to trade strongly over the day, according to market sources.

Intel’s 3.25% convertible bonds due Aug. 1, 2039 closed at 188.71, compared to 190.40 on Tuesday.

Shares of the Santa Clara, Calif., semiconductor maker ended off 35 cents, or 0.88%, at $39.30.

Caesars Entertainment Corp. was another name seen trading heavily for a second straight day, a source said.

The company’s 5% convertibles due Oct. 15, 2024 headed out at 186.55 on Wednesday from 188.50 on Tuesday.

Shares of the Las Vegas-based casino-entertainment company dropped 10 cents, or 0.81%, to $12.25 on Wednesday.

Mentioned in this article:

Caesars Entertainment Corp Nasdaq: CZR

Intel Corp. Nasdaq: INTC

Pretium Resources Inc. NYSE: PVG

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