R.R. Donnelley & Sons this afternoon completed an offering of SEC-registered senior notes via bookrunners Bank of America, J.P. Morgan, Mitsubishi, and Wells Fargo, according to sources. Terms were finalized at the tight end of talk, and an early read from the gray market points to about a one-point gain on the break, the sources add. The commercial printing and packaging concern is back in market after three months for capital to support general corporate purposes, including the repayment of drawings under the revolver, according to filings. Take note that ratings for the new issue were assigned today as BB-/Ba3, after S&P downgraded the credit to BB-, from BB, citing the additional debt as “inconsistent with the company’s strategy to reduce outstanding debt.”

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