RR Donnelley TLB for Valassis Buy Pulled; 1L Bond Upsized

A proposed five-year term loan for RR Donnelley to help fund its acquisition of Valassis has been pulled, while planned bond issuance for the same purpose has been increased, according to a person familiar with the matter who asked not to be identified.

• The loan was initially slated to be $800 million, but was downsized to $500 million on Thursday while $650 million privately placed loan was unveiled
• As the public loan is no longer part of the financing package, Donnelley’s planned first-lien note that was cut from $1.5 billion to $500 million on Thursday has been upsized to $1 ...