The Chicago-based printing company offered an interest rate of 11.25% on the debt, which will be repaid by 1 February 2019.

The debt pricing comes just days after RR Donnelley revised its profit forecast downwards resulting in an 11% drop in its share price.

A City insider told PrintWeek: "It sounds like they had a lot of debt that they needed to repay soon which was probably causing them a headache so they've tried to replace it with a long-term loan (ten years in this case).

"This is a sensible thing to do at the moment with debt markets so uncertain – raise money whenever you can, almost irrespective of the price, as you don't know whether you'll be able to when you need it in a month's time.

He added that the debt raising was a "reasonably good sign" for the company, despite the high interest rate, as it remains difficult for many companies to raise money in the bond markets.