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Morning Commentary: Upwork, Alphatec hit the secondary space, trade up on debut
By Abigail W. Adams
Portland, Me., Aug. 6 – After a nearly two-week drought with no new paper, two deals totaling $775 million hit the secondary space on Friday.
Upwork Inc. priced $500 million in five-year convertible notes and Alphatec Holdings Inc. priced an upsized $275 million in five-year convertible notes after the market close on Thursday.
The new paper was performing well in the secondary space with both issues trading up on an outright basis.
Upwork in focus
Upwork priced $500 million of five-year convertible notes after the market close on Thursday at par with a coupon of 0.25% and an initial conversion premium of 42.5%.
Pricing came in the middle of talk for a coupon of 0% to 0.5% and at the rich end of talk for an initial conversion premium of 37.5% and 42.5%.
The new paper was in focus in the secondary space, accounting for the lion’s share of trading activity early in the session.
The 0.25% notes were changing hands at 101.5 versus a stock price of $45.54 early in the session.
There was more than $79 million in reported volume.
Upwork stock traded down to $44.61, a decrease of 3.91%, shortly before 11 a.m. ET.
Alphatec expands
Alphatec priced an upsized $275 million in five-year convertible notes after the market close on Thursday at the midpoint of talk with a coupon of 0.75% and an initial conversion premium of 32.5%.
Price talk was for a coupon of 0.5% to 1% and an initial conversion premium of 30% to 35%, according to a market source.
The greenshoe was also upsized to $41.25 million.
The initial size of the offering was $250 million with a greenshoe of $37.5 million.
While volume in the name was light, the notes were making gains.
The 0.75% notes were changing hands at 100.75 versus a stock price of $13.75 early in the session, according to a market source.
Alphatec stock was changing hands at $13.74, a decrease of 0.72%, shortly before 11 a.m. ET.
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