Daily News: March 5, 2013

McGraw-Hill Revises Sale to Apollo to an All-Cash Transaction


The McGraw-Hill Companies commented on the launching of bank debt financing to support the previously disclosed purchase by investment funds affiliated with Apollo Global Management 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.

The McGraw-Hill Companies, a financial intelligence and education company, signed an agreement to sell its McGraw-Hill Education business to investment funds affiliated with in November 2012.

Previously on abfjournal.com:

McGraw-Hill Announces Facility Launch to Fund Acquisition, Monday, March 04, 2013