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Morning Commentary: Liberty Media prices $400 million, trades around par; trading volume light
By Abigail W. Adams
Portland, Me., March 2 – Liberty Media Corp.’s recently priced 2.125% exchangeable debentures due 2048 hit the market on Friday.
There were about 14 prints of the exchangeable debentures on the tape early in the session for $1 million plus, a market source said.
Trades were seen between 99.5 to 100.
Liberty priced $400 million of the 30-year exchangeable debentures at par after the market close on Thursday with an initial exchange premium of 27.5%, according to a market source.
Pricing came at the cheap end of talk, which was for a coupon of 1.875% to 2.125% and an exchange premium of 27.5% to 30%, according to a market source.
The notes are convertible into either Sirius XM Holdings Inc. common stock, Liberty’s series C Liberty SiriusXM common stock, or a combination of both forms of stock and cash at the company’s option.
The deal was oversubscribed during the bookbuilding process, a market source said. “Not greatly, but it was oversubscribed,” the source said.
Sirius stock was down to $6.26, a decrease of 0.48%, early in the session.
Trading volume was light across the board early Friday with Microchip Technology Inc. the most active volume wise, a market source said.
After dominating trading activity on their debut Thursday, RingCentral Inc.’s new 0% convertible notes due 2023 were not active on the tape early in Friday’s session. The last price seen was 99.625 versus a stock price of $62.65.
Trading of RingCentral’s 0% convertible notes is expected to settle. There is also not expected to be much trading activity around Corium International Inc.’s new 5% convertible notes due 2025.
“These deals were pretty well placed,” a market source said.
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