Oldcastle on deck; secondary closes volatile week on soft footing; Earthstone Energy at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 8 – While the primary market was quiet on Friday, one deal remains on the active calendar.

Oldcastle BuildingEnvelope (Oscar AcquisitionCo LLC) is marketing a $985 million two-part leveraged buyout deal in a roadshow set to run through Wednesday.

Meanwhile, the secondary space closed another volatile week on soft footing with the rally on Monday followed by four consecutive days of selling pressure.

Despite the heaviness in the market, Earthstone Energy Holdings, LLC’s recently priced 8% senior notes due 2027 (B3/B+/B+) were trading with a solid premium in high-volume activity.

However, Clydesdale Acquisition Holdings, Inc.’s (Novolex) 8¾% senior notes due 2030 (Caa2/CCC+) continued to trend down with the notes giving back their gains to trade several points below their discounted issue price.

Outside of recent issues, PennyMac Financial Services Inc.’s 5¾% senior notes due 2031 (Ba3/BB-) were among the largest losers of Friday’s session with the notes falling more than 2 points in active trading.

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