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HOUGHTON MIFFLIN COMPANY FUNDS BENEFITS TRUST

 HOUGHTON MIFFLIN COMPANY FUNDS BENEFITS TRUST
 BOSTON, June 4 /PRNewswire/ -- Houghton Mifflin Company (NYSE: HTN)


announced today that it has funded its previously announced Benefits Trust with the sale of 375,000 shares of its common stock to the trustee, State Street Bank and Trust Company. The shares have a fair market value of approximately $11.5 million. The Benefits Trust will provide a source of funds for the payment of the company's obligations for compensation and benefits plans, including post-retirement health insurance premiums and matching contributions to the Employees' Savings and Thrift Plan.
 Under the terms of the Benefits Trust, the trustee will use proceeds from the periodic sale of the common stock held in the trust, as well as dividends on the trust's shares, for payment of compensation and benefit plan obligations designated by the company's board of directors.
 The company anticipates that the Benefits Trust will eventually hold approximately 650,000 share of common stock, valued at $20 million based on the current share price. The company currently intends to purchase the additional shares needed to fund the Benefits Trust in the open market pursuant to a share repurchase authorization previously approved by the board of directors. The remaining repurchase authorization totals 351,000 shares of common stock.
 The First Boston Corporation acted as an adviser to the company in the establishment of the Benefits Trust.
 Houghton Mifflin is a leading publisher of textbooks, software, and other educational materials for the elementary and secondary school and college markets as well as an extensive line of reference publications, business software, and fiction and nonfiction for adult and young readers.
 -0- 6/4/92
 /CONTACT: Stephen O. Jaeger, executive vice president and chief financial officer of Houghton Mifflin, 617-725-5017/
 (HTN) CO: Houghton Mifflin Company ST: Massachusetts IN: PUB SU:


DD -- NE005 -- 6937 06/04/92 09:55 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 4, 1992
Words:309
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