Morning Commentary: Egalet seen at par after $60 million priced; Seacor trades with lower shares

By Rebecca Melvin

New York, April 1 – Egalet Corp.’s newly priced 5.5% convertibles were quoted at 100 early Wednesday after the Wayne, Pa.-based specialty pharmaceutical company priced $60 million of the five-year notes in an overnight deal that was privately marketed.

Egalet shares were down sharply, trading at $11.38, which was down $1.55, or 12%.

The bonds were sold primarily to fundamental investors, a syndicate source said.

Elsewhere, there was not a lot trading so far, a New York-based sellsider said. “It’s been quiet this week, in general.”

One name seen in trade was Seacor Holdings Inc.’s 2.5% convertibles, and the bond was quoted at 102 bid, 102.5 offered versus an underlying share price of $69.67.

Trading in the bond was “gappy,” as shares have come off this week, a sellsider said.

Also mentioned in trade was Tesla Motors Inc.’s 1.5% convertibles, which changed hands around 161 and looked to be off a bit in line with shares.

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