Shearman & Sterling advised Citigroup Global Markets Inc. as lead arranger and bookrunner in connection with a $500 million debtor-in-possession and exit financing for Houghton Mifflin Harcourt Publishers Inc. and certain of its affiliates (the “Company”). The financing, consisting of a secured term loan facility and an asset-based revolving credit facility, was in conjunction with a pre-arranged bankruptcy filing of the Company that resulted in confirmation of the Company’s plan of reorganization and emergence from chapter 11 in just over 30 days.
Houghton Mifflin Harcourt Publishers Inc. is a leading provider of educational content, technology and professional services to the pre-K, elementary and secondary school market in the United States.
The Shearman & Sterling team included partners Maura O’Sullivan (New York-Finance), Fredric Sosnick (New York-Bankruptcy & Reorganization) and Malcolm Montgomery (New York-Real Estate); counsel Benjamin Cheng (New York-Finance), Edmund M. Emrich (New York-Bankruptcy & Reorganization), Sharon Lippett (New York-Executive Compensation & Employee Benefits) and Ansgar Simon (New York-Tax); and associates Stacey Corr (New York-Bankruptcy & Reorganization), Michael Jokic (New York-Intellectual Property Transactions), Elizabeth Martialay (New York-Real Estate), Judson Oswald (New York-Finance), Rafael Perez (New York-Finance) and Jeffrey Saccone (New York-Finance).
