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Moody’s assigns B3 rating to Houghton Mifflin Harcourt notes
Moody’s Investors Service said it assigned a B3 rating to Houghton Mifflin Harcourt Publishers Inc.’s $350 million senior secured notes due 2025, which together with the recently launched $330 million senior secured term loan and cash on the balance sheet are anticipated to refinance the existing term loan maturing in 2021.
“We anticipate that total gross debt outstanding will be approximately $680 million, a reduction of $86 million compared to the 3Q 2019 balance. There is no change to the company’s existing ratings or outlook,” said Moody’s in a press release.
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