Houghton Mifflin draws down another $50 million on ABL loan facility

By Rebecca Melvin

New York, April 1 – Houghton Mifflin Harcourt Publishers Inc. has drawn down another $50 million on its asset-based credit facility as a further step to mitigating risk during the uncertainty that has resulted from the Covid-19 pandemic, according to an 8-K filed with the Securities and Exchange Commission.

The drawdown follows its previously disclosed drawdown of $100 million on the ABL facility on March 24.

The proceeds from this drawdown will be used for working capital, and general corporate or other purposes.

Following this second drawdown on March 30, about $14 million of borrowing capacity remained available under the ABL credit facility.

The Boston-based company is a provider of k-12 curriculum and professional learning services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.