Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Verint Systems Inc. > News item |
Verint flat to richer dollar neutral; Exelon flat dollar neutral since issue; Finisar off
By Rebecca Melvin
New York, June 13 – Verint Systems Inc.’s newly priced 1.5% convertibles added on an outright basis, but were flat or just slightly higher on a dollar-neutral basis after their debut in the secondary market on Friday. The Melville, N.Y.-based security and surveillance business priced an upsized $350 million of the notes through the rich end of coupon talk and at the rich end of premium talk late Thursday.
The new Verint convertibles due 2021 were seen at 102 bid, 102.75 offered at the end of the session with the underlying shares up 94 cents, or nearly 2%, at $49.22, a syndicate source said.
Verint was very actively traded on Friday, but Exelon Corp.’s 6.5% equity units, which debuted in the convertibles market on Thursday, also continued to see some action. The $50-par Exelon convertibles were up another point on an outright basis to about $53 at the close, but on a dollar-neutral basis, they are flat, or around par, since issue.
Finisar Corp., the Sunnyvale, Calif.-based fiber-optic equipment maker, swooned after posting a weak outlook for the current quarter, with profit well below expectations amid higher capital expenditures in China.
Finisar shares fell 22%, and the convertibles also tanked, at least on an outright basis, to about par from 112.5 bid, 113 offered previously.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.