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Morning Commentary: Weatherford rises as new CEO tapped; DISH pops on S&P 500 add; Pacira on deck
By Stephanie N. Rotondo
Seattle, March 7 – Of the day’s more active convertible bond issues, Weatherford International plc was notable as the company announced it had appointed a new chief executive officer.
A trader said the 5.875% exchangeable senior notes due 2021 were up 9 points, as the equity (NYSE: WFT) increased over 14% in early dealings.
The trader pegged the paper in a 129.375 to 129.625 range.
Mark McCollum, chief financial officer of Halliburton, was named as the oilfield equipment maker’s CEO and president, the company announced late Monday. McCollum will take over in late April.
Meanwhile, Krishna Shivram, interim CEO, is immediately vacating the post. Shivram took the post in November when Bernard Duroc-Danner exited.
Along with Weatherford, DISH Network Corp.’s 3.375% convertible notes due 2026 were called up 4.25 points, as the underlying stock (Nasdaq: DISH) added around $3.00 a share.
A trader quoted the convertibles at 123.625 bid, 123.75 offered.
Gains in the pay-TV-service company’s stock was attributed to news the shares were going to be added to the S&P 500 index next week.
DISH’s stock is replacing Linear Technology Corp., which is being taken over by Analog Devices Inc.
Looking toward the end of the day, Pacira Pharmaceuticals Inc. is expected to price a $300 million offering of five-year convertible senior notes after the market closes.
Price talk is for a 2.75% to 2.875% yield and an initial conversion premium of 27.5% to 32.5%.
J.P. Morgan Securities LLC, Jefferies & Co. and RBC Capital Markets LLC are leading the Rule 144A deal.
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