Houghton Mifflin trims bond offering, talks $300 million eight-year notes with 10½% area yield

By Paul A. Harris

Portland, Ore., May 12 - Houghton Mifflin Harcourt Publishers Inc. slashed the size of its eight-year senior secured first-lien notes offering to $300 million from $1.35 billion on Thursday, market sources said.

The notes (Caa1//B) are talked with a yield in the 10½% area.

The books close at 10 a.m. ET on Friday morning, and the notes are set to price on Friday afternoon.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities are the joint bookrunners.

The notes come with four years of call protection.

The Boston-based educational publisher plans to use the proceeds for general corporate purposes.

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