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McGraw-Hill Education to get debt financing with buyout by Apollo
By Sara Rosenberg
New York, Nov. 26 - McGraw-Hill Education plans on getting new debt financing for its purchase by Apollo Global Management LLC from McGraw-Hill Cos., according to an 8-K filed with the Securities and Exchange Commission on Monday.
Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Jefferies & Co., UBS Investment Bank, Nomura and BMO Capital Markets Corp. are leading the financing.
Under the agreement, the company is being acquired for $2.5 billion, subject to certain closing adjustments.
As part of this transaction, McGraw-Hill will receive $250 million of senior unsecured notes issued by the purchaser at an annual interest of 8.5% until five years from closing, and then pricing will increase to 11% per annum.
Closing is expected late this year or early next year, subject to regulatory approval and customary conditions.
McGraw-Hill Education is a New York-based digital learning company.
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