Liberty Interactive/Charter exchangeable jumps 2 points on swap; Jones Energy launches

By Rebecca Melvin

New York, Aug. 18 – Liberty Interactive LLC’s new 1.75% debentures exchangeable for Charter Communications Inc. stock was the name of the day in the convertibles market on Thursday, with the new issue jumping 2 points on a dollar-neutral, or hedged, basis in active trade after the Englewood, Colo.-based media company priced an upsized deal at the rich end of price talk, market sources said.

The new Liberty Interactive/Charter paper was seen at 103.5 bid, 103.75 offered in the early going. Charter’s common shares initially moved up on the day but ended down $2.60, or 0.4%, at $254.83.

Liberty Interactive’s 1% debentures exchangeable into HSN Inc. shares and due 2043 were pulled into trade on Thursday in tandem with the new deal. That paper traded actively and about unchanged.

“It trades outright, and there were better buyers today. It trades around 86,” a sellsider said.

Also in the new-issue arena, Jones Energy Inc. launched concurrent offerings of $50 million of perpetual convertible preferred stock and $50 million of common stock early Thursday. The deals were expected to price after the market close.

The common shares of Jones, an Austin, Texas-based independent oil and natural gas company, slumped in the early going and were last down 81 cents, or 22.6%, at $2.77.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.