Morning Commentary: New Invacare convertible trades ‘OK in secondary; market steady

By Rebecca Melvin

New York, Feb. 18 – Invacare Corp.’s newly priced 5% convertibles were heard to have traded “OK” in secondary market action early Thursday after the Elyria, Ohio-based maker of non-acute health care products priced $130 million of the five-year senior notes at mixed terms compared to talk.

The Invacare 5% convertibles were heard at 100.5 to 101.

Invacare shares were fractionally lower early Thursday at $12.73. The shares had dropped 24% on Wednesday after the convertible bond offering was launched.

“I think they traded OK. I wasn’t active in it but I heard it par-and-a-half to 101,” a New York-based trader said.

Elsewhere, convertibles were mostly steady after posting gains in tandem with equities on Wednesday. Volume was about average, an East Coast-based buysider said.

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