McGraw-Hill Education launches $679 million term loan repricing

By Sara Rosenberg

New York, April 22 – McGraw-Hill Global Education Holdings LLC was scheduled to hold a call at 3 p.m. ET on Wednesday to launch a $679 million first-lien covenant-light term loan due March 22, 2019, according to a market source.

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

The term loan is talked at Libor plus 375 basis points to 400 bps 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 475 bps with a 1% Libor floor.

Commitments are due on Tuesday, the source added.

McGraw-Hill Education is a New York-based provider of education materials.

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