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SunEdison convertibles drop; Verint Systems lower after earnings; Anacor, Medallion on tap
By Rebecca Melvin
New York, March 30 – SunEdison Inc.’s convertibles continued to drop on Wednesday despite the common shares of the renewable energy company trading in positive territory following a 55% slide sparked by bankruptcy fears on Tuesday.
The plunge came after one of its two yieldcos, TerraForm Global Inc., warned that the company is at a substantial risk of bankruptcy. Also weighing on the company was word on Monday that the Securities and Exchange Commission’s enforcement unit is investigating SunEdison financial statements from last fall.
Meanwhile, Abengoa SA, a Spanish renewable energy company, filed for Chapter 15 bankruptcy protection in the United States as it continues to talk with bondholders and banks about a restructuring.
Abengoa has missed payments on its 6.25% convertibles due 2019 and its 4.5% convertibles due 2017.
Elsewhere, Verint Systems Inc.’s convertibles traded down in early trade Wednesday as shares slumped following poor earnings.
In the primary market, Anacor Pharmaceuticals Inc. launched an offering of $250 million of seven-year convertibles after the market close. Anacor plans to use the proceeds for general corporate purposes.
Also after the market close, Gran Tierra Energy Inc., a Calgary, Alta.-based independent energy company, launched an offering of $100 million of five-year convertible senior notes in a Rule 144A deal that is subject to acceptance by the Toronto Stock Exchange.
Earlier Wednesday, Medallion Financial Corp. launched a very small offering of $25 million of convertible senior notes. Both deals were expected to price late Thursday.
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