Shearman And Sterling

News Nov 22, 2019

Houghton Mifflin’s $630 Million Financing

Shearman & Sterling advised Citibank, N.A., as administrative agent, on a $630 million financing for Houghton Mifflin Harcourt Company (HMH) and its affiliates, consisting of a $380 million senior secured term loan credit facility to refinance existing outstanding indebtedness and a $250 million senior secured revolving credit facility to obtain liquidity for working capital and other general corporate purposes. The credit facilities were part of refinancing transactions undertaken by HMH, which also included an offering of senior secured notes due 2025 pursuant to Rule 144A and Regulation S to refinance existing outstanding indebtedness.

Houghton Mifflin Harcourt Company is a learning company committed to delivering integrated solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students’ potential and extend teachers’ capabilities. HMH serves more than 50 million students and three million educators in 150 countries, while its award-winning children’s books, novels, non-fiction, and reference titles are enjoyed by readers throughout the world.

The Shearman & Sterling team below included associate Abir Varma.

The Team

Practices

Regional Experience