R.R. Donnelley plans to price $350 million 10-year bullet Thursday

By Paul A. Harris

Portland, Ore., March 6 - R.R. Donnelley & Sons Co. plans to price a $350 million offering of non-callable 10-year senior notes (existing ratings Ba3/BB-) Thursday, trailing a late-morning conference call with investors, according to a syndicate source.

BofA Merrill Lynch is the left bookrunner for the public offering. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities, U.S. Bancorp Investments Inc. and Well Fargo Securities LLC are the joint bookrunners.

Fifth Third Securities Inc., PNC Capital Markets LLC, TD Securities, Comerica, Morgan Stanley & Co. LLC and Wedbush are the co-managers.

The notes feature a 101% investor put that would be triggered by a change of control or by the assignment of investment-grade ratings by both Moody's Investors Service and Standard & Poor's.

Proceeds, along with a draw upon the company's revolving credit facility, will be used to partially fund tender offers for up to $350 million of outstanding notes, including up to $250 million 8¼% notes due 2019, up to $100 million 7¼% notes due 2018 and up to $50 million 7 5/8% notes due 2020.

The prospective issuer is a Chicago-based integrated communications company.

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