Daily News: March 4, 2013

McGraw-Hill Announces Facility Launch to Fund Acquisition

McGraw-Hill Global Education Holdings, an entity formed by investment funds affiliated with Apollo Global Management, announced 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 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 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 offers solutions that improve learning outcomes around the world.

Apollo is a global alternative investment manager.