McGraw Hill completes $1.33 billion refinancing and extends debt maturities
McGraw Hill issued $400 million of 8.000% senior secured notes due 2033 and closed on a $930 million senior secured term loan. The proceeds were used to redeem 5.750% notes due 2028 and to refinance existing term loan facilities. The company also extended its revolving credit facility to October 2031 and raised the available commitment to $150 million while reaffirming its net‑debt‑to‑adjusted‑EBITDA target of 2.0‑2.5×.
Why it matters
The refinancing lowers the company’s weighted‑average interest rate and pushes debt maturities further into the future, supporting its leverage target. Investors gain a clearer view of McGraw Hill’s balance‑sheet strength and cash‑flow flexibility.
Key facts
- 1The total refinancing amounted to $1.33 billion. tradingview.com
- 2$400 million of 8.000% senior secured notes due 2033 were issued. tradingview.com
- 3$930 million of senior secured term loans were closed. tradingview.com
- 4The proceeds were used to redeem 5.750% secured notes due 2028. tradingview.com
- 5The senior secured cash‑flow revolving credit facility maturity was extended to October 2031 and its commitment increased to $150 million. investing.com
- 6McGraw Hill reaffirmed its net‑debt‑to‑adjusted‑EBITDA leverage ratio target of 2.0‑2.5×. investing.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.