All about converts

$500m (+75m) sen secured cb coming tonight from JPM. Terms: 5yr, 2.375-2.875% up 40-50%, pctns. Happy Meal. UOP = m/facturing expansion. All about Provenge. Exp to peak w/$2.2B US & 1.3B EUR rev & exp 2012 rev of $865m & EBITDA of $360m (wont even refer to LTM cos you buy this for the future event) Supply issues = difficult to understand real demand but co exp supply constraints to clear end 2011. Heard assumptions between 400 and 600. We’ll use L+500 ADV = 3.1m, 0/13 50c=47iv bid. We’ll use 35 vol. MID/CHEAP theo off close = 101.3/103.1, off crnt $35.8 = 100.4/102.1 off $35.14=99.6/101.4. Improving credit story w/dampen vol so you need to look at this stock up, credit tighter & vol in. Will take time but think pre-CEPHALONic. Squeeze the lead for cheaps