GFL, NCR price; Xerox, Lamar add-on; Carnival’s new notes lag; LogMeIn, PRA Group gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 17 – The domestic high-yield primary market launched what promises to be another heavy volume week for new deals with four issuers pricing $2.4 billion in six tranches on Monday.

NCR Corp. priced $1.1 billion of senior notes (B3/BB-) in two tranches, GFL Environmental Inc. priced an upsized $750 million issue, Xerox Holdings Corp. priced an upsized $400 million in two add-on tranches, and Lamar Advertising Co. priced a $150 million add-on.

Several deals also joined the forward calendar with offerings from ON Semiconductor Corp., Pike Corp., and New Fortress Energy Inc. on tap.

The secondary space launched the day flat but gained strength as the session progressed and closed Monday with nominal gains, sources said.

Carnival Corp.’s new 9 7/8% senior secured second-priority notes due 2027 (Ba1/BB+) were lagging their issue price in active trading, which was unsurprising to some sources.

While Carnival joined the roster of recent deals that sank underwater, LogMeIn, Inc.’s 5½% senior secured notes due 2027 (B1/B-/BB-) continued to gain in high volume.

PRA Group, Inc.’s recently priced 7 3/8% senior notes due 2025 (Ba2/BB+) also maintained their upward momentum in active trading with the notes on a 103-handle.

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