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Houghton Mifflin talks $350 million 5.25-year secured notes to yield 8½%-8¾%; pricing Friday
By Paul A. Harris
Portland, Ore., Nov. 15 – Houghton Mifflin Harcourt Publishers Inc. talked its $350 million offering of 5.25-year senior secured notes (B3/B/BB-) to yield 8½% to 8¾%, according to a syndicate source.
Books close at 1:30 p.m. ET on Friday, and the Rule 144A for life and Regulation S offering is set to price thereafter.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., BofA Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners. Citizens Bank is the co-manager.
The notes become callable after 2.25 years at par plus 50% of coupon.
The Boston-based publisher of education materials and provider of related services plans to use the proceeds, together with a new term loan and cash on hand, to refinance its existing term loan B.
The co-issuers are Houghton Mifflin Harcourt Publishing Co. and HMN Publishers LLC.
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