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Morning Commentary: Aegean Marine improves on restructuring agreement; Microchip active
By Abigail W. Adams
Portland, Me., Dec. 18 – The convertibles secondary space opened Tuesday with a marked uptick in trading volume after a “pitiful” session on Monday with many watching from the sidelines as equity markets were destroyed, a market source said.
With the Dow Jones industrial average up 200 points at Tuesday’s open, the convertibles space was on track for an improved session.
Aegean Marine Petroleum Network Inc.’s 4% convertible notes, which matured on Nov. 1, were active and posting gains after the petroleum company requested court approval for a new restructuring agreement.
The notes were up 1 to 2 points and opened the day as high as 23.5 before settling around 22.5, a market source said. More than $7 million of the bonds were on the tape shortly before 11 a.m. ET.
While less active, Aegean’s 4.25% convertible notes due 2021 were also around the 22.5 level.
Aegean filed for Chapter 11 bankruptcy after defaulting on the 4% notes.
Creditors initially objected to the bid procedure proposed by the company, which, creditors claimed, would have facilitated the sale of virtually all of the company’s assets to Mercuria Asset Holdings (Hong Kong) Ltd., Prospect News reported.
Aegean requested court approval of a restructuring support agreement for an alternative proposal developed by Oaktree Capital Management LP and Hartree Partners LP on Monday.
Meanwhile, Microchip Technology Inc.’s 1.625% convertible notes due 2027 were up about 1 point outright as stock improved on Tuesday.
The notes traded up to 99 with stock up about 3.5% early in Tuesday’s session, according to a market source.
The notes have traded below par for much of October and November, according to Trace data.
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