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Houghton Mifflin sets price talk for $248 million term loan
By Paul A. Harris
Portland, Ore., May 15 - Houghton Mifflin Harcourt Publishers Inc. set price talk for its $248 million senior secured term loan B due May 22, 2018 (B2//BB+), a market source said on Wednesday.
The deal is talked at a 450 basis points to 475 bps spread to Libor, with a 1.25% Libor floor, to price at par. It features a 101 soft call for six months.
Commitments are due by May 22.
The Boston-based publishing company plans to use the proceeds to refinance its existing facility.
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