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McGraw-Hill Education to launch $800 million facility on Tuesday
By Sara Rosenberg
New York, March 4 - McGraw-Hill Global Education Holdings LLC has set a bank meeting for 11 a.m. ET in New York on Tuesday to launch an $800 million senior secured credit facility, according to a market source.
Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Jefferies & Co., UBS Investment Bank, Nomura and BMO Capital Markets Corp. are leading the deal.
The facility consists of a $240 million five-year revolver and a $560 million six-year covenant-light term loan, the source said.
The term loan has 101 soft call protection for one year.
Proceeds will be used to help fund the buyout of the company by Apollo Global Management LLC from McGraw-Hill Cos. for $2.5 billion, subject to certain closing adjustments.
Closing is subject to regulatory approval and customary conditions.
McGraw-Hill Education is a New York-based digital learning company.
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