Oldcastle prices; At Home pressured; Rite Aid up; Twitter active; junk funds out $4 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 14 – The only deal on the domestic high-yield primary market’s active calendar cleared the market on Thursday.

After facing intense headwinds, Oscar AcquisitionCo LLC (Oldcastle BuildingEnvelope) priced a downsized and restructured $585 million issue of eight-year senior unsecured notes (Caa1/CCC+) at a deep discount.

Meanwhile, the secondary space closed another volatile week on soft footing with the market down slightly following Wednesday’s rally.

“The market is softer but no one’s dumping,” a source said.

Ambience Merger Sub, Inc.’s (At Home Group, Inc.) secured and unsecured notes were the exception with the notes down 2 to 6 points on earnings-related news.

However, Rite Aid Corp.’s senior notes improved following the pharmacy retail chain’s closely watched earnings report.

Twitter, Inc.’s senior notes saw another boost from Tesla Inc. chief executive officer Elon Musk after Musk made a takeover bid for the company.

However, the notes faded as the session progressed and closed the day largely unchanged.

After logging two consecutive weeks of inflows, outsized outflows resumed with high-yield mutual and exchange-traded funds losing $4.03 billion in the week through Wednesday’s close, according to the Refinitiv Lipper US Fund Flows report.

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