Rating Action: Moody's rates RR Donnelley's proposed term loan B1; under review downGlobal Credit Research - 31 Jan 2022Approximately $750 million of newly rated debtToronto, January 31, 2022 -- Moody's Investors Service ("Moody's") assigned a B1 rating to R.R. Donnelley & Sons Company's (RRD) proposed $750 million term loan B due in 2026. The company intends to use a portion of the proceeds to partially finance Chatham Asset Management, LLC (Chatham)'s acquisition of RRD. RRD's B2 corporate family rating (CFR), B2-PD probability of default rating, B1 rating on the existing senior secured term loan B and senior secured notes, and B3 senior unsecured notes rating are unchanged and remain under review for downgrade.