Learning technology company Houghton Mifflin Harcourt announced that it has paid down approximately $337 million in principal of its outstanding debt with the net proceeds of its recent divestiture of HMH Books & Media, its consumer publishing business. Following the completion of the required Asset Sale Offer and Collateral Asset Sale offer on June 8, HMH has reduced the outstanding principal amount of its Senior Secured Notes due 2025 to approximately $303 million. Additionally, via a combination of mandatory and voluntary prepayments, the Company has reduced the outstanding principal amount of its Senior Secured Term Loan Facility due 2024 to approximately $22 million. All prepayments were completed at a price of 100% of the principal amount.

There has been little growth in total publishing sales in recent years in the U.S. and in most Western nations, and that difficult operating environment was reflected in the financial performance of three of the world’s largest publishers that have substantial holdings in the U.S. Penguin Random House and HarperCollins had small (less than 1%) declines in revenue in 2017 compared to 2016, while Lagardère Publishing’s sales inched up 1.1%. Simon & Schuster and Houghton Mifflin Harcourt’s trade division—the two smallest of the large publishers who report financial results—both did substantially better on both the top and bottom lines than their bigger rivals. Click Read More below for additional information.

Thomas G. Day was officially sworn in as a commissioner of the Postal Regulatory Commission and named vice chairman of the agency by a unanimous vote of commissioners; while Commissioner Robert G. Taub begins his third term with the agency after being confirmed by the United States Senate on September 28, 2023. PRC Chairman Michael Kubayanda said “I am pleased to continue serving alongside Commissioner Taub and to serve with Commissioner Day. They are experienced and highly skilled public servants who have contributed significantly to the nation and our postal system, and will continue to do so.”