R.R. Donnelley completes amendment to ABL revolving credit facility

By Marisa Wong

Los Angeles, April 19 – R.R. Donnelley & Sons Co. announced it completed the amendment to its $800 million senior secured asset-based revolving credit facility.

Bank of America, NA, JPMorgan Chase Bank, NA, PNC Bank, NA and Wells Fargo Bank, NA acted as joint lead arrangers and joint bookrunners.

The amendment extends the maturity date of the ABL facility to April 16, 2026, according to a press release.

The $650 million credit facility is subject to borrowing base limitations.

According to a previously filed 8-K filing with the Securities and Exchange Commission, the amendment reduces the aggregate availability under the ABL revolver to the lesser of (i) $650 million and (ii) a borrowing base formula based on the amount of accounts receivable, inventory, machinery, equipment and, at its election, fee-owned real estate of the company and its material domestic subsidiaries, subject to some eligibility criteria and advance rates.

According to Monday’s press release, the amended revolver bears interest at Libor plus 125 basis points to 175 bps.

The amended ABL facility was substantially oversubscribed with seven incumbent and one new financial institution, the company noted.

R.R. Donnelley is a marketing and business communications services provider based in Chicago.

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