McGraw Hill Global Education (MHGE) entered into a $1.925 billion new senior secured credit facilities consisting of a five-year $350 million senior secured revolving credit facility and a six-year $1.575 billion million senior secured term loan credit facility.

According to an 8K SEC filing, Credit Suisse, Cayman Island Branch, served as administrative agent. Morgan Stanley Senior Funding, BMO Capital Markets, Barclays Bank, Goldman Sachs Bank, Jefferies Finance, RBC Capital Markets and Wells Fargo Securities were joint lead arrangers and joint bookrunners,

The proceeds were used to repay each of MHGE’s and McGraw-Hill School Education Intermediate Holdings existing credit facilities, to repurchase the issuers’ 9.75% first-priority senior secured notes due 2021 pursuant to the previously announced tender offer, to fund a cash distribution to MHGE’s ultimate equity holders and to pay certain related fees and expenses.

The remaining proceeds, together with cash on hand, will be used to repurchase or redeem the remaining secured notes.

Concurrently, MHGE Intermediate Holdings completed a reorganization in which all equity interests in MHSE, which owns the K-12 business of MHGE Intermediate Holdings’ indirect parent, McGraw-Hill Education, were contributed to MHGE Intermediate Holdings, such that MHSE is a direct subsidiary of MHGE Intermediate Holdings.

McGraw-Hill Education is a learning science company that delivers personalized learning experiences that help students, parents, educators and professionals drive results. McGraw-Hill Education has offices across North America, India, China, Europe, the Middle East and South America and makes its learning solutions available in nearly 60 languages.