NextEra to price $300 million of notes; Electronics for Imaging adds as shares surge

By Rebecca Melvin

New York, Sept. 6 – NextEra Energy Partners LP plans to price $300 million of three-year convertible senior notes due 2020 with proceeds earmarked to fund potential future acquisitions of renewable energy assets from related or third-party entities.

The Juno Beach, Fla.-based limited partnership was formed by NextEra Energy, Inc. to own, operate and acquire contracted clean energy projects through its limited partner interest in NextEra Energy Operating Partners, LP.

Electronics for Imaging Inc.’s convertibles were trading actively early Wednesday as shares of the Fremont, Calif.-based digital printing company surged on the back of better guidance, a New York-based convertibles trader said.

The Electronics 0.75% convertible notes due 2019 were shown to have printed at 101.235, which was up 3.8 points, according to Trace data. Shares of the company were last at $40.50, which was up more than $5.00, or 15%.

The shares and convertibles of this company dropped hard in August after the company said it was conducting an internal review of its accounting practices and that it “expects to report a material weakness in internal control over financial reporting related to this matter.”

Illumina Inc.’s 0% convertible notes due 2019 traded at 107.6 in the early going on Wednesday. Those bonds were a bit better as outright investors continued to chase the stock higher, a trader said.

Illumina’s 0.5% convertibles due 2021 convertibles slipped slightly lower, however.

Meanwhile, Tesla Inc.’s series A convertibles were trading actively at 111.625 versus an underlying share price of $349.59, which was in line with the market early Wednesday.

Internationally, Qiagen NV launched and priced an upsized $400 million of convertible bonds with a 0.5% coupon and 30% initial conversion premium.

The Regulation S deal was upsized from an initially talked $350 million, and it priced toward the rich end of 0.375% to 0.875% coupon talk and at the cheap end of 30% to 35% premium talk.

Venlo, Netherlands-based Qiagen provides sample and assay technologies and instruments for molecular diagnostics labs.

Mentioned in this article:

Electronics for Imaging Inc. Nasdaq: EFII

Illumina Inc. Nasdaq: ILMN

NextEra Energy Partners LP NYSE: NEP

Qiagen NV Nasdaq: QGEN

Tesla Inc. Nasdaq: TSLA

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