R.R. Donnelley Adds Lender Protection on $1.65 Billion Bond Sale

A $1.65 billion bond sale to help fund R.R. Donnelley and Sons Co.’s planned acquisition of Valassis Communications Inc. is set to price Tuesday after investor protections were bolstered, according to people familiar with the matter.

Pricing discussions on $1 billion of senior secured notes call for a yield between 9.5% and 9.75%, said the people, who asked not to be identified because the information is private. A $650 million second-lien bond is poised to price 150 basis points above the first-lien note, they also said. JPMorgan Chase and Co. and Apollo Global Management Inc.’s capital markets arm are ...