Pearson calls $300 million 4.625% senior notes due 2018

New York, Oct. 6 – Pearson plc will redeem its $300 million of 4.625% senior notes due 2018 on Nov. 7, according to a notice.

The redemption price will be calculated using a make-whole formula based on a discount rate of Treasuries plus 20 basis points.

Holders will also receive accrued interest up to but excluding the redemption date.

Pearson previously said it planned to redeem the notes, contingent on the closing of the “partial disposal and recapitalization” of the issuer’s stake in Penguin Random House.

Pearson is a publishing and education company based in London.

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