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Moody’s cuts McGraw-Hill facilities, notes
Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating for MHGE Parent, LLC.
The agency said the affirmation follows the company's announcement of a tender offer for senior payment-in-kind toggle notes due 2019.
Moody's also assigned Caa1 (LGD6) rating to the new $250 million PIK notes issued by MGHE.
Additionally, the agency downgraded the senior secured first-lien credit facilities of McGraw-Hill Global Education Holdings, LLC to B1 (LGD3) from Ba3 (LGD3) upon the exercise of its $150 million accordion.
The senior notes were downgraded to Caa1 (LGD5) from B3 (LGD5).
The outlook is negative.
Moody’s said the downgrades were a result of changes in the company's capital structure, with larger secured debt and reduced level of credit support provided by the smaller proportion of junior debt instruments.
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