Morning Commentary: New Tutor Perini convertible trades higher with stronger shares

By Rebecca Melvin

New York, June 10 – Tutor Perini Corp.’s newly priced 2.875% convertibles traded up in early action on Friday after the Los Angeles-based construction management company priced an upsized $175 million of the five-year senior notes at the rich end of talked terms.

The new issue was initially talked to be $125 million in size.

The new Tutor Perini convertibles were seen last at 104.25 bid, 104.75 offered, with Tutor Perini shares up 86 cents, or 3.9%, at $22.86.

Out of the chute, the new bond traded at 102.75 bid, 103.25 offered versus Thursday’s closing share price of $22.00, a New York-based trader said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.