Carnival, LogMeIn, Graphic Packaging price; Comstock adds; ANGI, QVC lag; Veritas gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 14 – The domestic high-yield primary market wrapped one of the highest volume weeks of the year with four issuers pricing a cumulative $2.5 billion.

LogMeIn, Inc. priced an upsized $950 million issue, Carnival Corp. again tapped the market and priced $900 million and Graphic Packaging International, LLC priced a $350 million issue.

Comstock Resources, Inc. priced an upsized $300 million add-on to its 9¾% senior notes due Aug. 15, 2026 (Caa1/B-/B+).

While the domestic high-yield primary market continued to churn out tightly priced deals, the secondary space was again soft on Friday with several recent deals struggling in the aftermarket.

ANGI Homeservices Inc.’s 3 7/8% senior notes due 2028 (Ba3/BB-) and QVC, Inc.’s 4 3/8% senior secured bullet notes due 2028 (Ba2/BB+/BBB-) became the latest new offerings to fall below par in the aftermarket.

While several new deals were struggling, LogMeIn’s new notes were not one of them with the issue skyrocketing.

Veritas US Inc. and Veritas Bermuda Ltd.’s 7½% senior secured notes (B2/B) due 2025 were also trading with a healthy premium.

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