Morning Commentary: New NuVasive convertible jumps in active trade; older NuVasive up slightly

By Rebecca Melvin

New York, March 11 – NuVasive Inc.’s newly priced 2.25% convertibles traded up in active trade on Friday after the San Diego-based medical device company priced $550 million of the five-year senior notes at the rich end of coupon talk and midpoint of the talked premium.

NuVasive’s 2.25% convertibles traded last at 104.25, a convertibles market source said. NuVasive shares were up 98 cents, or 2.2%, at $46.13 at late morning.

The bonds were the most active name of the day, with more than $100 million of bonds having traded, or about half of overall volume, the source said.

The older NuVasive 2.75% convertibles traded up a little to 122.25 early Friday from 121.5 on Thursday.

Proceeds of the new bonds are being used to repurchase more than half of the old issue, which matures in 2017.

© 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.