McGraw-Hill Education launches $688 million first-lien term loan

By Sara Rosenberg

New York, March 3 - McGraw-Hill Global Education Holdings LLC held a call at 3 p.m. ET on Monday to launch a $688 million first-lien covenant-light term loan due March 2019, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The term loan is talked at Libor plus 475 basis points with a 1% Libor floor and a par offer price, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 775 bps with a 1.25% Libor floor.

Commitments are due on Friday, the source added.

McGraw-Hill Education is a New York-based digital learning company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.