Whiting Petroleum improves; Iconix 2.5% convertibles claw back; Impax slips; PTC to price

By Rebecca Melvin

New York, Aug. 10 – Energy convertibles, which have been pushed down significantly in recent weeks, remained in focus in U.S. convertibles on Monday as crude oil prices enjoyed a little bounce and as summer doldrums remained in effect.

Whiting Petroleum Corp. was trading notably better after the Denver-based oil and gas exploration and production company received an upgrade that lifted the common stock, traders said.

The Whiting 1.25% convertibles due 2020 were quoted at 86.25 bid, 87.25 offered in the early going when Whiting’s common shares were around $19.00, or up nearly 7%. But shares ended even higher at more than $20.00, a gain of 12%.

Elsewhere, Iconix Brand Group Inc.’s convertibles were in focus, with the Iconix 2.5% convertibles clawing back about 5 points after tanking on Friday along with sharply lower common shares of the New York-based brand management company after the company announced that its chief executive officer, Neil Cole, is stepping down.

Impax Laboratories Inc. saw its recently priced 2% convertibles trade around 101, which was the previous bid side of the market for the specialty pharmaceutical company. The company, based in Hayward, Calif., reported a second-quarter loss that missed estimates.

After the market close, PTC Therapeutics Inc. launched an offering of $125 million of seven-year convertible senior notes in an overnight deal talked to yield 2.5% to 3%.

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