RRD Reports $849M Loss; to Offer Senior Notes

"Following the challenging conditions we have faced for the last several quarters, we are pleased with the improvement in revenue and margin trends we achieved in the fourth quarter," said Thomas Quinlan, RR Donnelley's president and CEO. "Full-year results for revenue, non-GAAP operating margin and free cash flow were at or above the high end of our guidance. Further, we reduced our total debt by more than $220 million during 2012, ending the year with gross leverage of 2.8x."