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Morning Commentary: Senseonics convertibles, GOL Linhas add-on price; Repligen quiet
By Abigail W. Adams
Portland, Me., July 18 – The convertible primary market remained active mid-week with one new deal and one add-on pricing.
Senseonics Holdings Inc. priced an upsized $82 million of 5.25% convertible notes due 2025 prior to the market open on Thursday with an initial conversion premium of 20%.
The notes priced concurrently with a $25 million common stock offering, which priced at $1.10 per share.
Pricing of the convertible notes was contingent on the completion of the common stock offering and the solicitation of consent from the holders of the company’s 5.25% convertible notes due 2023 to eliminate a covenant restricting the incurrence of additional debt.
Proceeds will be used to repurchase approximately $37 million of the principal amount of the company’s 5.25% convertible notes due 2023 in privately negotiated transactions, including holders that entered into the consent solicitation support agreement.
The new paper was not active in the secondary space early in Thursday’s session, a market source said.
GOL Linhas Aereas Inteligentes SA priced an upsized $80 million tap of its 3.75% exchangeable notes due 2024 after the market close on Wednesday at a yield of negative 0.23%.
With a reoffer price of around 120, pricing came at the rich end of talk for a reoffer price of 118 to 121.
There was little activity in the notes since the announced reopening, a market source said.
They were last trading around 124.625, according to Trace data.
The add-on lifted the total outstanding amount of the 3.75% convertible notes to $425 million.
After dominating activity during Wednesday’s session, Repligen Corp.’s 3.75% convertible notes due 2024 were not seen in trade early in Thursday’s session.
However, the 3.75% notes skyrocketed in the secondary space on Wednesday with the notes expanding up to 3.5 points on a dollar-neutral basis.
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