Houghton Mifflin bank deal via Goldman and CIBC

By Sara Rosenberg

New York, Nov. 15 - Houghton Mifflin's bank debt financing to help fund its purchase from Vivendi Universal by Thomas H. Lee Partners, Blackstone Group, Bain Capital and Apax Partners is said to be coming via Goldman Sachs and CIBC, market sources told Prospect News on Friday.

Details on the bank debt financing, including size and timing, are not yet available.

The sale is expected to go ahead on the basis of an enterprise value of €1.75 billion, representing 1.4 times Houghton Mifflin's 2001 revenue and 9.5 times its 2001 EBITDA after bookplate amortization.

Houghton Mifflin is a Boston publishing company.

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