$350m (+52.5m) sen unsec cb coming Wed night from CS/JPM/DB.
Terms: 5 yr, 0.5%-1%, 27.5-32.5%, full pctn. UOOP = note hedge/GCP. Though lots of cash (PF = 806m) w/PF debt = $638m and PF EBITDA $38m, lev is high, can co has plans for acquisition. We’ll use L+350
ADV = 546k, 2 yr 90d 50/10 ile = 36/24 and no real OI in LEAPS, but we’ll use 28% 5 yr. Brw slightly off top (75bps), theo = 99.125. CNQR equity has had big run, but with MSFT, SYMC, NTAP all leaving market within month and general lack of balance tech paper, this is perfect time for this sector to see new issuance with sub 35% premo. CRM came 2 months ago 0.25% up 47%, now trade 0.25% up 59% with stock down $3 since issue date. Model doesn’t love but we’d concur that you should push for mids.