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McGraw-Hill Global Education Launches Syndication of Senior Secured Credit Facilities

March 05, 2013, 07:40 AM

McGraw-Hill Global Education Holdings, an entity formed by investment funds affiliated with Apollo Global Management, announced today the launch of the syndication of $800 million of senior secured credit facilities to finance the previously announced acquisition of the McGraw-Hill Education business of The McGraw-Hill Companies, Inc. by investment funds affiliated with Apollo.

MH Global Education's new senior secured credit facilities will consist of a $240 million revolving credit facility and a $560 million term loan facility. Borrowings under senior secured credit facilities on the closing date will be used to fund a portion of the acquisition consideration for the acquisition and pay related fees and expenses. After the closing date, the revolving credit facility will be used for the working capital needs of MH Global Education and for other general corporate purposes. The financing is subject to market conditions and other factors.

McGraw-Hill Education is a digital learning company that draws on its more than 100 years of educational expertise to offer solutions that improve learning outcomes around the world. McGraw-Hill Education is the adaptive education technology leader with the vision for creating a highly personalized learning experience that prepares students of all ages for the world that awaits.

Apollo is an alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $113 billion as of December 31, 2012.

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