McGraw-Hill sets roadshow for $670 million eight-year notes offering; pricing this week

By Paul A. Harris

Portland, Ore., April 25 – McGraw-Hill Global Education Holdings LLC plans to start a roadshow on Tuesday for a $670 million offering of eight-year senior notes, according to a syndicate source.

The Rule 144A and Regulation S for life deal is set to price later this week.

Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Securities, Jefferies LLC, Barclays, Goldman Sachs & Co., RBC Capital Markets and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The New York-based provider of education materials plans to use the proceeds for debt refinancing in order to extend its maturity profile, as well as to merge McGraw-Hill School Education into the McGraw-Hill Global Education credit group, and to fund a dividend.

The debt financing also includes a $1,655,000,000 credit facility.

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