McGraw-Hill Education sets $679 million loan at Libor plus 375 bps

By Sara Rosenberg

New York, April 30 – McGraw-Hill Global Education Holdings LLC finalized pricing on its $679 million first-lien covenant-light term loan due March 22, 2019 at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, Morgan Stanley Senior Funding Inc., UBS AG, Nomura and Jefferies Finance LLC are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 475 bps with a 1% Libor floor.

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

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