Dycom edges up in gray market; BroadSoft bringing new deal; Icahn bid for Vivus eyed

By Rebecca Melvin

New York, Sept. 9 – Dycom Industries Inc.’s planned offering of $400 million of six-year convertible senior notes was trading a little higher in the gray market on Wednesday ahead of final terms expected to be fixed after the market close.

The Dycom bonds were seen around 100.75 bid, 101 offered in the gray market with the Dycom common shares down 2% at the end of the day, a New York-based trader said.

BroadSoft Inc. launched a new deal early Wednesday that was also expected to price after the market close, but those bonds were not seen in the gray market.

Also pricing after the market close on Wednesday was a $700 million mandatory convertible deal by Stericycle Inc.

Back in secondary dealings, a wider range of issues were trading in the early going and volume was higher than in recent sessions, but as early equity market strength faded, ending in better than 1% losses for the major indices, the convertibles session lacked follow through as well.

Vivus Inc.’s 4.5% convertible senior notes due 2020 were not heard to have traded even though the underlying common stock surged by more than 30% in the early going after Icahn Enterprises LP announced a cash tender offer for the 2020 convertibles.

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