McGraw Hill Financial enters $1.2 billion five-year credit agreement

By Wendy Van Sickle

Columbus, Ohio, July 1 – McGraw Hill Financial Inc. entered into a $1.2 billion five-year credit agreement on Wednesday, according to an 8-K filed with the Securities and Exchange Commission.

The facility bears interest at Libor plus 112.5 basis points initially and subsequently it ranges from Libor plus 100 bps to Libor plus 150 bps, depending on the company’s debt to cash-flow ratio. There is a commitment fee ranging from 10 bps to 20 bps.

The agreement replaced the company’s previous $1 billion four-year facility dated June 19, 2013.

Standard & Poor’s Financial Services LLC is the loan guarantor

The joint lead arrangers and joint bookrunners are J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Bank Ltd. and Morgan Stanley MUFG Loan Partners LLC.

JPMorgan Chase Bank, NA is the administrative agent.

Documentation agents are Citibank, NA, Deutsche Bank Securities Inc., Mizuho Bank Ltd. and Morgan Stanley MUFG Loan Partners LLC.

The syndication agent is Bank of America, NA.

New York-based McGraw Hill Financial provides information to the capital, commodities and commercial markets.

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