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Riverdeep refinances loans
The Irish Independent reports that Riverdeep has managed to refinance almost half of a $1.07bn bridging facility taken out following the company's $3.5bn reverse takeover of US educational publisher Houghton Mifflin last year.
Initial plans to refinance $250m - or a quarter - of the facility were put on ice earlier this year following the resignation of the company's auditor, Ernst & Young. "The refinancing will shave $10m a year from the company's interest bill," said a spokeswoman for the company.
However, the refinancing has prompted Moody's to downgrade its senior secured ratings for Riverdeep's debt down one level to B1, or four notches below investment grade.
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