McGraw-Hill (MHP) Updates on Progress of Apollo (APO) Transaction
Tweet
Share
E-mailGet Alerts MHP Hot Sheet
Join SI Premium – FREE
The McGraw-Hill Companies (NYSE: MHP) commented on the launching of bank debt financing to support the previously disclosed purchase by investment funds affiliated with Apollo Global Management, LLC (NYSE: APO) 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.
"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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- J.M. Smucker names Jeff Varcoe as SVP of Science and Technical
- Xiao-I gets Nasdaq notice for falling below share value threshold
- Bernstein on whether Hershey (HSY) could eventually step up to buy Mondelez (MDLZ)
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
