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Julie Cohen
Director of Marketing and Communications
212.701.3614
jcohen@cahill.com

Cahill Advises on Six Financing Transactions in Connection with R.R. Donnelley’s Separation into Three Separate Companies

Date: 09/30/16

Cahill represented the financing sources in connection with several transactions relating to the spin-offs of LSC Communications, Inc. and Donnelley Financial Solutions, Inc. from R.R. Donnelley & Sons Company. LSC is a publishing and retail-centric print services and office products business and Donnelly Financial is a financial communications and data service business. With the spin-offs complete, R.R. Donnelley is now an approximately $7 billion global multichannel marketing and business communications solutions provider with 42,000 employees across 28 countries.

In transactions connected with LSC’s spin-off from R.R. Donnelley, Cahill represented the initial purchasers, led by BofA Merrill Lynch, J.P. Morgan and Citigroup, in connection with the Rule 144A offering by LSC of $450,000,000 aggregate principal amount of 8.750% Senior Secured Notes due 2023. Cahill also represented Bank of America as administrative agent and lead arranger in connection with a $375,000,000 Term B loan, and a $400,000,000 Super Priority revolver for LSC.

Cahill represented the initial purchasers, led by J.P. Morgan, BofA Merrill Lynch, Citigroup and MUFG in connection with the Rule 144A offering of $300,000,000 aggregate principal amount of 8.250% Senior Notes due 2024 of Donnelley Financial related to its spin-off from R.R. Donnelley.  Cahill also represented J.P. Morgan, BofA Merrill Lynch, Citigroup and MUFG in their third-party tender offer to purchase up to an aggregate purchase price of $294,500,000 of R.R. Donnelley Debt and their subsequent debt-for-debt exchange for Donnelley Financial Notes. In addition, Cahill represented JPMorgan Chase Bank as administrative agent and lead arranger, and the other arrangers in connection with a $350,000,000 Term B loan, and a $300,000,000 Revolver for Donnelley Financial.

Also in a related tender offer by R.R. Donnelley for certain of its outstanding debt securities, Cahill represented BofA Merrill Lynch, US Bancorp, MUFG and PNC Capital Markets, as dealer managers.

Julie Cohen
Director of Marketing and Communications
212.701.3614
jcohen@cahill.com