Morning Commentary: New inContact gains on swap; Whiting Petroleum extends gains; Cheniere active

By Rebecca Melvin

New York, March 25 – inContact Inc.’s newly priced 2.5% convertibles due 2022 traded up about 5 points on an outright basis and up 2.75 points on swap in the early going on Wednesday after the Salt Lake City-based provider of cloud-based call center software priced $100 million of the seven-year notes at the rich end of talked terms.

The inContact 2.5% convertibles were quoted at 104.625 bid, 105.375 offered versus an underlying share price of $10.90, a syndicate source said.

inContact shares were up 39 cents, or nearly 4%, to $10.93.

Whiting Petroleum Corp.’s 1.25% convertibles, which debuted in the convertibles market on Tuesday, edged a little higher on Wednesday after a strong push up on Tuesday and as the underlying shares stopped their hemorrhaging.

The $1 billion Whiting convertible was quoted at 105.875 bid, 106.25 offered with the underlying shares around $31.10, a New York-based trader said.

Whiting shares were up about 30 cents after slumping 30% on Tuesday.

On Tuesday the Whiting notes were marked at 105 bid, 105.5 offered at the end of the session versus a share price of $30.91.

Elsewhere, Cheniere Energy Inc.’s convertibles were trading actively around 82.5 to 83, a New York-based trader said.

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