Fitch: McGraw-Hill notes BB

Fitch Ratings said it has assigned a BB/RR2 rating to the $1.05 billion proposed senior secured note offering due 2021 of McGraw-Hill Global Education Holding LLC and McGraw-Hill Global Education Finance, Inc.

Proceeds of the notes will be used to fund the acquisition of McGraw-Hill Education by Apollo Group, the agency said.

Apollo Group will be acquiring the McGraw-Hill Education unit for $2.4 billion.

Apollo intends to finance the acquisition with $1.05 billion of senior secured notes, $560 million of senior secured term loans, a $240 million revolver for liquidity purposes, and $950 million in cash from Apollo, Fitch stated.

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