McGraw Hill, Inc. Announces Successful Completion of Refinancing Transactions
McGraw Hill completed a series of refinancing transactions, issuing $400 million of 8.000% senior secured notes due 2033 and closing $930 million of senior secured term loans. Proceeds redeemed in full the 5.750% Secured Notes due 2028 and refinanced the existing term loan, while the revolver was extended to October 2031 with commitments increased to $150 million.
Key figures
- Notes offering
- $400 million of 8.000% senior secured notes due 2033
- Debt prepayment
- $50 million
- Leverage target
- 2.0-2.5x net debt to Adjusted EBITDA
- Revolver maturity
- October 2031
- Term loan facility
- $930 million A&E Term Loan Facility
- Revolver commitments
- $150 million
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