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S&P: R.R. Donnelley notes BB+
Standard & Poor's said it assigned issue-level and recovery ratings to R.R. Donnelley & Sons Co.'s proposed $300 million unsecured notes due 2019. The agency assigned the debt an issue-level rating of BB+ and a recovery rating of 3, indicating an expectation of meaningful recovery in the event of a payment default.
According to S&P, proceeds of the new notes will be used to partly fund tender offers and to pay any premiums associated with the tender offers. If there are any remaining proceeds, the company will use the proceeds to repay borrowings outstanding under its revolving credit facility.
S&P's corporate credit rating on R.R. Donnelley is BB+. The rating outlook is negative, reflecting weak economic conditions, negative trends in print media, the risk of intensifying pricing pressure and elevated leverage, the agency said.
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