Houghton Mifflin, Cambium, FLY Leasing free to trade; Upland, USI updates surface

By Sara Rosenberg

New York, Nov. 19 – Houghton Mifflin Harcourt Publishers Inc. lifted its five-year senior secured term loan B to $380 million from $330 million, raised pricing to Libor plus 625 basis points from Libor plus 600 bps and modified the original issue discount to 96 from revised talk of 97 and initial talk in the range of 97 to 98.

Late in the afternoon, the term loan B freed up for trading and levels were quoted at 96½ bid, 98 offered.

Deals from Cambium Learning Group Inc. and FLY Leasing hit the secondary market too.

Cambium’s fungible $295 million add-on first-lien term loan due Dec. 18, 2026 broke with levels seen at 96 bid, 96 3/8 offered before moving up to 96 1/8 bid, 96 5/8 offered.

Pricing on the loan is Libor plus 450 bps with a 0% Libor floor. It was sold at an original issue discount of 96.

FLY Leasing’s $385,364,014 term loan B due Aug. 9, 2025 emerged in the secondary market with levels quoted at 99 7/8 bid, par 1/8 offered.

In more happenings, Upland Software Inc. increased the size of its incremental first-lien term loan and firmed the original issue discount at the tight end of guidance, USI Inc. tightened the issue price on its incremental term loan B, and Hyperion Insurance Group Ltd. joined this week’s primary calendar.

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