S&P rates Houghton Mifflin Harcourt loan B

S&P said it assigned a B rating and a recovery rating of 2 to Houghton Mifflin Harcourt Co.’s proposed $330 million term loan.

The company will use the proceeds, $350 million of other secured debt and $102 million of cash to refinance an existing term loan.

S&P affirmed its B- rating on the company.

The outlook is stable.

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