Morning Commentary: New, upsized Finisar moves higher in active trade; new Amicus below par

By Rebecca Melvin

New York, Dec. 16 – Finisar Corp.’s newly priced $500 million of convertible senior notes moved up in active trade early Friday after the Sunnyvale, Calif.-based optical communications company priced the upsized deal at the cheap end of talked terms.

The new Finisar 0.5% convertible was quoted at 101.75 bid, 102.125 offered against an underlying share price of $31.50 by a New York-based trader. The Finisar shares underlying the new deal, which was upsized from $450 million, were lower in early action.

Finisar was the centerpiece of trading in a market that is awash with new paper this week.

Amicus Therapeutics Inc. also priced a deal debuting in the market on Friday. The new Amicus 3% convertibles due 2023 were trading below par, however, with a print at 99.125, according to Trace market data. The Cranbury, N.J.-based biotechnology company priced $225 million of the senior notes at the midpoint of talk. Amicus shares were lower by about 1%.

Also new to the market on Friday was NantHealth Inc.’s $100 million of 5.5% five-year convertible senior notes, which came at an initial conversion premium to shares of 25%. These terms represented the cheap end of talk, but no trades were yet heard in this new paper.

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