New PROS, new ANI edge up; Cyan prices; Cobalt trades lower; Fiat Chrysler deal eyed

By Rebecca Melvin

New York, Dec. 5 – PROS Holdings Inc.’s newly priced 2% convertibles traded up to about 102.5 in the early going Friday and ended a little lower in the 101 range after the provider of pricing and margin software priced $125 million of the five-year senior notes at the midpoint of talk.

Shares fluctuated through the morning but were last up 6 cents at $26.05.

Also in primary action, ANI Pharmaceuticals Inc. priced an upsized $125 million offering of five-year convertible senior notes at the rich end of talked terms.

The new ANI convertibles were quoted at 101 bid, 101.5 offered initially with shares up by about 1%. They were also seen higher at 102. Shares ended fractionally lower.

Also in the primary, Cyan Inc. priced $50 million of five-year 8% convertible senior secured notes with an 18% premium. The Regulation D notes were priced together with related warrants.

Looking ahead, Fiat Chrysler Automobiles NV launched its $2.5 billion of two-year mandatory convertibles for pricing next week, and talk emerged for a yield of 7.125% to 7.875% and an initial conversion premium of 17.5% to 22.5%.

Cobalt International Energy Inc.’s convertibles “traded in,” although not in overly active trade, a New York-based trader said. The Cobalt 2.625% convertibles traded at 64.75 to 65, which was down from previous trades.

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