Moody’s rates R.R. Donnelley loan B1

Moody’s Investors Service said it assigned a B1 rating to R.R. Donnelley & Sons Co.'s new $400 million senior secured term loan B.

The agency affirmed the B2 corporate family rating, B2-PD probability of default rating, B3 senior unsecured notes rating and SGL-3 speculative liquidity rating.

Moody's also maintained the stable outlook.

“We rated R.R. Donnelley's term loan B1, one notch above the company's B2 corporate family rating, because the facility benefits from a comprehensive, second-ranking security package,” Bill Wolfe, Moody's senior vice president, said in a news release.

Proceeds will be used to reduce amounts outstanding under the company’s revolving credit facility and will finance tender offers for portions of the company's 2020, 2021 and 2022 debt maturities, enhancing future refinance prospects, the agency said.

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