R.R. Donnelley Seeks $400M in Debt Offering
Printer intends to use funds to pay down short-term debt.
R.R. Donnelley recently announced a $400 million debt offering and says it intends to use the net proceeds to pay down its short-term debt.
The offering is based on R.R. Donnelley’s long-term 11.25-percent notes, due February 1, 2019. The printer was represented in the offering by a joint effort between Banc of America Securities, Citigroup Global Markets and J.P. Morgan Securities.
In November, R.R. Donnelley reported $168.2 million in third quarter net earnings, down roughly 4 percent from $175 million during the same period last year. Through the first nine months, however, net earnings were up more than 100 percent to $497 million.
Earlier this month, R.R. Donnelley acquired the assets of Chilean Web printing company Prosa for $23.5 million, expanding its Latin American operations. The printer reportedly announced to city officials plans to shut down its facility in Spencer, Iowa. As part of the closing, 160 employees will be laid off.