New Issue: Electronics for Imaging (EFII) $300 million 0.75% of 2019 Convertible Senior Notes

It was going to be a stretch to get comfortable with this deal on the original terms, and even the reduced premium doesn’t make this bond particularly attractive to model-driven investors because of the stock’s fairly anemic volatility.  That said, with a 22.5% premium, the optics are pretty good.  This bond probably won’t make anybody’s year, but the low premium should allow investors some time to wait for the next leg   higher in the stock.   We would buy it as priced.

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