Moody's rates Donnelley notes B3

Moody's Investors Service said it assigned a B3 rating to R.R. Donnelley & Sons Co.'s proposed $300 million of senior unsecured exchange notes due in 2027.

Moody's also assigned a B3 rating to the company's $297 million of senior unsecured exchange notes due in 2029 that were issued in April 2020.

Proceeds of up to $300 million will be used to exchange for portions of the company's unsecured notes and debentures due in 2021 through 2024. The proposed notes will rank pari passu with the existing unsecured notes and debentures, the agency said.

The company's B2 corporate family rating, B2-PD probability of default rating, B1 senior secured term loan B rating, B3 senior unsecured notes and debentures ratings, SGL-3 speculative grade liquidity rating and negative outlook remain unchanged, Moody’s said.

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