S&P rates Houghton Mifflin Harcourt notes B

S&P said it assigned its B issue-level rating and 2 recovery rating to Houghton Mifflin Harcourt Co.’s proposed $350 million senior secured notes due 2025. The 2 recovery rating denotes S&P’s expectation for substantial recovery (70%-90%; rounded estimate: 80%) in the event of a payment default.

Proceeds will be used to help repay a term loan.

All S&P’s ratings for the company and the stable outlook are unchanged, the agency said.

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