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Spectranetics gains on swap after quarterly loss; new Cinedigm trades at 101 to 103
By Rebecca Melvin
New York, April 24 – Spectranetics Corp.’s convertibles fell on an outright basis but expanded on a dollar-neutral, or hedged, basis on Friday after the Colorado Springs, Colo.-based medical device maker reported a quarterly loss that was worse than expected.
The Spectranetics bonds expanded 2 points or more, market sources said, and represented one of the best convertible arbitrage moves of the week.
“That and Iconix were the best moves of the week,” a New York-based sellsider said.
On Monday, Iconix Brand Group Inc.’s convertible bonds expanded 2 to 3 points in active trade as investors reacted to word of a manager exit.
Also on Friday, HomeAway Inc.’s convertibles were lower outright but expanded about a point on a hedged basis as shares of the Austin, Texas-based vacation rental site fell 15.5% on a lowered outlook.
The HomeAway 0.125% convertibles were seen last wrapped around 94, with the stock at $27.68.
In the primary market, Cinedigm Corp.’s newly priced 5.5% convertibles traded up a point or two on an outright basis on Friday after the New York-based distribution rights company priced $64 million of the senior notes at the cheap end and beyond the cheap end of talk, a syndicate source said.
The Cinedigm bonds were quoted at 101 bid, 103 offered when the underlying shares were up by at least 2 cents, or 2%, to $0.99.
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