Houghton Mifflin to repay bank debt with asset sale proceeds

By Sara Rosenberg

New York, June 2 - Houghton Mifflin Harcourt Publishing Co. will use about $600 million of the proceeds from the now completed sale of its college division to Cengage Learning to retire senior bank debt, according to a news release.

Remaining proceeds from the sale will be used for working capital and other general corporate purposes.

Houghton Mifflin is a Boston-based education company.

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