By Andrea Heisinger
New York, Jan. 14 - R.R. Donnelley & Sons Co. priced an upsized $400 million of 11.25% 10-year senior unsecured notes Wednesday, a market source said.
The notes (Baa2/BBB+/BBB) priced at 99.992 to yield 11.25%. There was no spread, a source said, as the deal priced at the coupon. They have a make-whole call of Treasuries plus 50 bps.
The deal had informal price talk of an 11% yield, a source close to the deal said.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
The print and related services company is based in Chicago.
| Issuer: | R.R. Donnelley & Sons Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Feb. 1, 2019
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Coupon: | 11.25%
|
| Price: | 99.992
|
| Yield: | 11.25%
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB
|
| Price talk: | 11% yield
|
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