R.R. Donnelley increases term loan B amount to $550 million

By Sara Rosenberg

New York, Oct. 3 – R.R. Donnelley & Sons Co. upsized its covenant-light term loan B due January 2024 to $550 million from $400 million, according to a market source.

Pricing on the term loan remained at Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99.

The term loan has 101 soft call protection for one year.

Earlier in syndication, the call protection on the term loan was extended from six months and the incremental debt cap was revised to 2 times from 3 times.

Bank of America Merrill Lynch is the left lead arranger on the deal.

Allocations are expected on Thursday, the source added.

Proceeds will be used to repay debt and for general corporate purposes. As a result of the term loan upsizing, the company will repay revolving credit facility borrowings and increase its notes tender offer.

R.R. Donnelley is a Chicago-based communications provider enabling organizations to create, manage, deliver and optimize their multichannel marketing and business communications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.