Midday Commentary: New Aegean Marine convertibles gain in early trade as shares rally

By Rebecca Melvin

New York, Oct. 18 - Aegean Marine Petroleum Network Inc.'s newly priced 4% convertible bonds traded higher in early action Friday after the Athens, Greece-based marine fuel logistics company priced $75 million of the notes at the tight end and beyond the tight end of talk.

The new convertibles were said to be trading at 103.75 bid, 104.75 offered, according to a syndicate source.

A second source said the bonds were later trading higher at 105.

Aegean shares rose early Friday and were seen last up 37 cents, or 3.7%, at $10.72.

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