McGraw Hill completes refinancing: $400M 8.000% notes due 2033, $930M term loan, redeems 5.750% notes due 2028

McGraw Hill, Inc.

Subsidiary McGraw-Hill Education sold $400M of 8.000% senior secured notes due 2033; proceeds redeemed in full the 5.750% Secured Notes due 2028 and refinanced the existing term loan.
New $930M senior secured term loan facility matures October 7, 2033, amortizing in $2.325M quarterly installments; interest at SOFR+2.75% or base rate+1.75%.
Cash flow revolver expanded to $150M from $111M and, along with the ABL credit facility, maturity extended to October 9, 2031.
Company prepaid $50M of term loan principal on September 30, 2026; CFO Bob Sallmann reaffirmed a net debt to Adjusted EBITDA target of 2.0-2.5x.
Notes callable at 103% for up to 10% per year and at a make-whole price prior to October 15, 2029; issuer cites recent rating agency upgrades.

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