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Morning Commentary: NICE and Liberty Global in convertibles primary market on Monday
Chicago, Aug. 24 – The convertibles primary market hit the ground running with $850 million of new paper announced on Monday morning.
NICE Ltd., a Hoboken, N.J.-based software company, is in the market with a $400 million offering of five-year convertible notes.
And Liberty Broadband Corp. is planning a $450 million offering of exchangeable senior debentures due 2050, exchangeable into Charter Communications, Inc., a company Liberty has an interest in.
NICE offering
NICE’s 0% convertibles notes are planned with talk for an initial conversion premium of 30% to 35% and a 0% coupon.
The deal was modeling with assumptions of 225 basis points over Libor and a 30% vol., according to a market source.
Under those assumptions, the fair value of the deal modeled out to 101.5 at the midpoint of talk.
The notes are tied to the American Depositary Shares of the issuer, which closed at $225.37 on Aug. 21.
The company was last in the debt markets with an issue of $250 million exchangeable notes due 2024 that yielded 1.25% with an initial exchange premium of 22.5%. That issue priced in January 2017.
Liberty into Charter
Liberty Broadband is in the market with $450 million of exchangeable notes, exchangeable into the stock of Charter Communications.
Charter shares closed at $613.96 on Friday, near the company’s 52-week high of $617.30.
Liberty Broadband and GCI Liberty announced a stock-for-stock merger earlier this month.
Liberty has an interest in Charter, and GCI has a non-controlling interest, pre-merger.
GCI Liberty sold 1.75% exchangeable notes tied to Charter Communications in June 2018.
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