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McGraw-Hill Education Gets $800 Million Loan for Apollo Buy

March 04, 2013

McGraw-Hill Education (MHP:US), the digital learning company being acquired by Apollo Global Management LLC (APO:US), obtained $800 million in loans to support the purchase.

The debt includes a $560 million term portion and a $240 million revolving line of credit, the company said today in a statement distributed by PR Newswire. The financing is subject to market conditions, according to the statement.

Apollo is buying McGraw-Hill Cos.’ education unit for $2.5 billion, according to a Nov. 26 statement distributed by PR Newswire. Credit Suisse Group AG, Morgan Stanley, Jefferies Group LLC, UBS AG, Nomura Holdings Inc. and Bank of Montreal are providing the financing.

The banks will host a lender meeting tomorrow at 11 a.m. in New York to market the loan to institutional investors, according to a person with knowledge of the transaction.

The term loan, which will expire in six years, won’t have financial-maintenance requirements, said the person, who asked not to be identified because the deal is private. The revolver will come due in five years.

In a revolving line of credit, money can be borrowed again once it’s repaid; in a term loan it can’t. So-called institutional investors are non-bank lenders including hedge funds, bank-loan mutual funds and collateralized debt obligations.

To contact the reporters on this story: Krista Giovacco in New York at; Michael Amato in New York at

To contact the editor responsible for this story: Faris Khan at

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