McGraw-Hill to launch $575 million add-on term loan on Wednesday

By Sara Rosenberg

New York, Oct. 12 – McGraw-Hill Education Inc. is set to hold a lender call at 11 a.m. ET on Wednesday to launch a fungible $575 million add-on term loan B, according to a market source.

BofA Securities Inc., BMO Capital Markets, Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., PNC Bank and UBS Investment Bank are the leads on the deal.

Pricing on the add-on term loan is Libor plus 475 basis points with a 0.5% Libor floor, in line with existing term loan B pricing.

Original issue discount talk on the add-on term loan is not yet available.

Proceeds will be used to fund the acquisition of Achieve3000, a Red Bank, N.J.-based learning platform.

McGraw-Hill, a portfolio company of Platinum Equity, is a New York-based learning science company.

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