RR Donnelley (RRD) Ratings Unchanged at S&P Following Amendment of Revolving Facility

Standard & Poor's Ratings Services said today that its ratings and outlook on Chicago-based printing company RR Donnelley (Nasdaq: RRD) are unaffected by the company's announcement that it has amended its secured revolving credit agreement. The amendment provides for an increase in the aggregate revolving commitments to $1.5 billion from $1.15 billion and extends the expiration date to September 2019
from October 2017. As of June 30, 2014, the company had $193 million in borrowings outstanding under the credit agreement. We expect the company's leverage will decline to 3.3x at year-end 2014 from 3.9x at year-end 2013 as a result of increased EBITDA from acquisitions, debt repayment, and a declining pension liability.

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