Houghton Mifflin readies launch of new loan deal for Friday morning

By Sara Rosenberg

New York, Oct. 31 – Houghton Mifflin Harcourt is scheduled to hold a lender call at 11:15 a.m. ET on Friday to launch a new loan transaction to existing and prospective lenders, according to a market source.

Citigroup Global Markets Inc. is the left lead arranger on the deal.

As of Sept. 30, the company had about $766 million outstanding under its covenant-lite term loan due May 29, 2021 that is priced at Libor plus 300 basis points with a 1% Libor floor.

The company said in a 10-Q filed with the Securities and Exchange Commission on Thursday that it expects to refinance the term loan prior to maturity to support its longer-term capital needs.

Houghton Mifflin is a Boston-based provider of K-12 core curriculum, supplemental and intervention solutions and professional learning services.

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