New Trinity Biotech quiet, shares lower; overall market muted ahead of holiday weekend

By Rebecca Melvin

New York, April 2 – Trinity Biotech plc’s newly priced 4% exchangeables were not actively traded Thursday after the Ireland-based diagnostics-products maker priced $100 million of the 30-year senior notes. But a syndicate source said there was one trade that was up strongly at 104 even though the shares underlying the exchangeables were down about 9%.

But Trinity wasn’t the only name that was quiet on Thursday. Traders said there were no names to speak of in the last full session ahead of the holiday weekend.

Financial markets close early on Friday in observance of Good Friday.

The Trinity deal came on the heels of another small deal in the health care space from Egalet Corp., which priced a $60 million deal of 5.5% convertibles late Tuesday.

Back in established issues, NuVasive Inc.'s convertibles dropped as shares sank in the aftermath of chairman and chief executive Alex Lukianov’s resignation from the San Diego-based spinal medical device maker after the board concluded he didn't follow expense reimbursement and personnel policies.

The NuVasive 2.75% convertibles were seen during the session down more than 2 points at 121.4, and at the close, a market source marked them at 119. NuVasive shares closed down $3.23, or 7%, at $42.37.

SanDisk Corp.’s sister convertibles continued to trade Thursday following a takeout rumor that surfaced Wednesday, a New York-based trader said.

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