McGraw-Hill Comments on Progress of the Sale of McGraw-Hill Education to Apollo and Revision to an All-Cash Transaction

The McGraw-Hill Companies (NYSE: MHP) commented on the launching of bank debt financing to support the previously disclosed purchase by investment funds affiliated with Apollo Global Management, LLC (NYSE: APO) of the McGraw-Hill education business.

“We are pleased with the progress that is being made to secure funding, that the sale of McGraw-Hill Education is now an all-cash deal, and that the transaction is expected to close before the end of this month.”

As part of the transaction, McGraw-Hill will receive an additional $150 million in cash at closing from the investment funds affiliated with Apollo Global Management, in lieu of being issued $250 million in face amount of unsecured notes by a holding company of McGraw-Hill Education.

Upon closing, McGraw-Hill will be renamed McGraw Hill Financial (subject to shareholder approval) and will be a high-growth, high-margin company serving the global capital and commodities markets.

Source:  McGraw-Hill Companies Press Release