Morning Commentary: Aegean Marine convertibles get a turn; IAC/InterActiveCorp. trades up

By Stephanie N. Rotondo

Seattle, Oct. 3 – A couple more off-the-run names were in play in the convertible bond market early Tuesday.

One trader noted that Aegean Marine Petroleum Network Inc.’s 4.25% convertible notes due 2021 were trading at 76 against a stock price of $5.05.

“They were due” to trade, he said.

Aegean’s equity (NYSE: ANW) was up slightly in early trading.

Meanwhile, IAC/InterActiveCorp.’s 0.875% exchangeable senior notes due 2022 – a $450 million issue that priced on Sept. 27 – were “up a point” at 106.375, according to a trader.

The company’s underlying stock (Nasdaq: IAC) was meantime up $2.01, or 1.68%, at $121.78.

On Monday, IAC said that its HomeAdvisor unit had merged with Angie’s List to create ANGI Homeservices Inc. That unit was then listed on the Nasdaq Global Select Market under the ticker “ANGI.”

IAC expects that the combination will generate adjusted EBITDA of $270 million in 2018. It is also reaching for a five-year compounded annual growth rate of revenue of 20% to 25%, as adjusted EBITDA margins grow to about 35%.

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