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Iconix Brand’s convertible debt improves after COO exit; Chesapeake preferreds gain
By Stephanie N. Rotondo
Phoenix, April 20 – Iconix Brand Group Inc.’s convertible bonds were trading actively Monday as investors reacted to word of a manager exit.
“It was the heaviest trader on the day,” a trader said, seeing the 1.5% convertible notes due 2018 at 104.75 and the 2.5% convertible notes due 2016 at 103, both versus a stock price of $26.09.
The trader said the bonds had “gotten better” as the stock plummeted, rising “probably 3 points.”
The stock underlying the debt ended the day off $6.62, or 20.67%, at $25.41.
Earlier in the day, a trader noted that the stock underlying the debt was down more than 10%.
He pegged the 2.5% convertible notes due 2016 at 105 versus a $28.00 share price.
“The bonds look like they are getting a little better,” the trader said. “Should be a nice name for people.”
On Friday, Iconix said in an 8-K that Seth Horowitz, chief operating officer, was leaving the position he had held for only one year.
The New York-based brand management company does not intend to refill the role. Horowitz’s duties will instead be absorbed by the broader team.
Meanwhile, in the world of convertible preferred stock, Chesapeake Energy Corp.’s 4.5% cumulative convertible preferreds were up a good bit as oil prices continued to rally.
The preferreds were trading at $90.29, up $3.31, or 3.81%.
For its part, West Texas Intermediate crude improved 50 cents to $56.24 per barrel. The gain came as oil services firms reported a 900,000-barrel draw from delivery point Cushing, Okla., last week.
Mentioned in this article:
Iconix Brand Group Inc. NYSE: ICON
Chesapeake Energy Corp. NYSE: CHK
Chesapeake Energy Corp. preferreds NYSE: CHKPD
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