Houghton Mifflin Harcourt Publishing Co. said yesterday its institutional investors have committed to invest $650 million of new equity capital in the education materials publisher.
The Boston company said it also agreed to a recapitalization that significantly reduces its debt and provides greater liquidity for growth.
Due to the investment, combined with the company’s current senior lenders’ conversion of approximately 60 percent of their secured debt to equity, Houghton said it will have the “strongest capital structure in its history.’’
