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Houghton Mifflin flexes $248 million term loan B to Libor plus 425 bps
By Sara Rosenberg
New York, May 22 - Houghton Mifflin Harcourt Publishers Inc. reduced pricing on its $248 million senior secured term loan B due May 22, 2018 (B2/NA/BB+) to Libor plus 425 basis points from talk of Libor plus 450 bps to 475 bps, according to a market source.
Also, the Libor floor on the loan was lowered to 1% from 1.25%, the source said.
The term loan still has a par offer price and 101 soft call protection for six months.
Recommitments were set to be due at 5 p.m. ET on Wednesday, the source added.
Citigroup Global Markets Inc. is the lead bank on the deal.
Proceeds will be used to refinance an existing credit facility.
Houghton Mifflin is a Boston-based publishing company.
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