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Morning Commentary: SolarEdge Technologies, Omnicell convertible offerings eyed
By Abigail W. Adams
Portland, Me., Sept. 22 – The convertibles primary market returned to action on Tuesday with two deals totaling $1 billion on deck.
SolarEdge Technologies Inc. plans to price $500 million of five-year convertible notes and Omnicell Inc. plans to sell $500 million of five-year convertible notes after the market close on Tuesday.
The deals looked “numerically attractive,” a source said.
Market players were focused on the two large deals in the works with trading activity in the secondary space light.
There was about $66 million on the tape about one hour into the session, a source said.
SolarEdge on tap
SolarEdge plans to price $500 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 42.5% to 47.5%.
The deal was heard to be in the market with assumptions of 300 basis points over Libor and a 42% vol., which looked 2.2 points cheap at the midpoint of talk, a source said.
Another source saw the deal as about 3 points cheap at the midpoint of talk.
Omnicell to price
Omnicell plans to price $500 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0.25% to 0.75% and an initial conversion premium of 30% to 35%.
The deal was heard to be in the market with assumptions of 400 bps over Libor and a 35% vol., which looked about 1.5 points cheap at the midpoint of talk, a source said.
Another source pegged assumptions as 350 bps over Libor and a 35% vol., which increased the cheapness of the deal to about 2 points at the mids.
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