Four U.S. deals launch post-holiday; three international deals surface; Navistar pops

By Rebecca Melvin

New York, Sept. 6 – Two new deals launched in the U.S. convertibles primary market out of the gate on Tuesday, following a few quiet summer weeks and the first day of the week after the long holiday weekend in observance of Labor Day. Two additional U.S. deals launched after the market close.

Ctrip.com International Ltd. plans to price up to $750 million of six-year convertible senior notes after the market close on Tuesday. The Shanghai-based travel services provider’s new bonds were talked to yield 1.25% to 1.75% with an initial conversion premium of 37.5% to 42.5%.

The deal is coming concurrently with 22.5 million American Depositary Shares, but they are not contingent upon one another.

Also launching a deal was Inphi Corp. The Santa Clara, Calif.-based communications chip maker launched a deal for $200 million of five-year convertible bonds that were talked to yield 0.75% to 1.25% with an initial conversion premium of 32.5% to 37.5%.

Inphi shares fell 4% upon the deal launch, and that stock closed off $1.80 at $41.73.

Launching deals after the market close were Insulet Corp. and Advanced Micro Devices Inc.

Internationally, offerings emerged from Cofinimmo SA, Buwog AG and Redefine International plc.

Back in established issues, Navistar International Corp.’s convertibles surged along with the underlying shares of the Lisle, Ill.-based trucking company after a report that Volkswagen AG plans to take a minority stake in Navistar.

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