New convertible issues trade mostly in line; Dycom edges up; NextEra pricing overnight

By Rebecca Melvin

New York, Sept. 10 – U.S. convertibles players had three new issues in the market to trade Thursday, and all performed fairly evenly in active trade, or about in line with moves in their underlying shares, a New York-based sellsider said.

Dycom Industries Inc.’s newly priced 0.75% convertibles traded most positively perhaps, edging up after the Palm Beach Gardens, Fla.-based provider of specialty contracting services priced an upsized $420 million of the six-year senior notes at the midpoint of talked terms.

The new Dycom 0.75% convertibles were seen at about 100.5 bid, 101 offered with the underlying shares around $74.16.

Dycom shares were down 37 cents at $74.16 at late morning, but they ended flat, or down a cent, at $74.52.

BroadSoft Inc.’s new 1% convertibles were in line with shares that were off 2.8% on the day after the Gaithersburg, Md.-based provider of internet software and services priced $175 million of the seven-year senior notes at the midpoint of talk.

Stericycle Inc.’s newly priced 5.25% mandatory convertible preferred stock were also seen in line with the common shares, which gained 1.7% at $138.51 after the Lake Forest, Ill.-based provider of medical waste services priced $700 million of the preferred stock at mixed terms.

After the market close, NextEra Energy Inc. launched an offering of $700 million of convertible equity units. The deal was pricing on an overnight basis via Barclays, Mizuho Securities USA Inc. and Wells Fargo Securities LLC.

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