Houghton Mifflin Harcourt gets $250 million five-year ABL revolver

By Sarah Lizee

Olympia, Wash., Nov. 22 – Houghton Mifflin Harcourt Publishers Inc. said it got a $250 million five-year senior secured asset-based revolving credit facility as part of its recently closed refinancing transactions.

As previously reported, the refinancing also includes an upsized $380 million five-year senior secured term loan B (B3/B/BB-) and a downsized $306 million issue of 9% 5.25-year senior secured notes.

Proceeds from the notes and term loan were used together with cash on hand to repay about $766 million in borrowings under its existing term loan facility.

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

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