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Get filing alertsMcGraw Hill completes $400M notes offering and refinances credit facilities
Filed October 9, 2026 · Period ending October 9, 2026 · ~1 min read
Key Changes
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Completed private offering of $400 million of 8.000% senior secured notes due 2033.
Item 1.01 verify on EDGAR → -
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Proceeds used to redeem in full the 5.750% Secured Notes due 2028 and refinance the existing term loan facility.
Item 1.01 verify on EDGAR → -
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Entered into a $930 million senior secured term loan facility maturing October 7, 2033, refinancing the existing term loan.
Item 1.01 verify on EDGAR → -
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Refinanced revolving credit facility to $150 million, maturing October 9, 2031, replacing the prior $111 million facility.
Item 1.01 verify on EDGAR → -
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Prepaid $50 million of term loan principal on September 30, 2026.
Item 8.01 verify on EDGAR →
Summary
McGraw Hill completed a series of refinancing transactions that extend debt maturities and enhance financial flexibility. The company issued $400 million of 8.000% senior secured notes due 2033 and entered into a $930 million term loan facility maturing in 2033. Proceeds were used to redeem the 5.750% Secured Notes due 2028 in full and refinance the existing term loan facility.
The revolving credit facility was also refinanced, increasing commitments to $150 million and extending maturity to 2031. For retail holders, this is a balance sheet management action that pushes out near-term maturities and locks in current market rates. The company also prepaid $50 million of term loan principal, reducing gross debt.
The filing does not disclose the prior interest rates on the refinanced facilities, so the change in borrowing costs cannot be quantified from this 8-K. No red flags are identified in the filing.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
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Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
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a $930 million senior secured term loan facility, which matures on October 7, 2033 (the “A&E Term Loan Facility”), which refinanced the Issuer’s existing term loan facility
The amended and restated cash flow credit agreement provides for a $930 million senior secured term loan facility maturing October 7, 2033, which refinanced the existing term loan facility. The term loan is repayable in quarterly installments of $2.325 million.
Added in current filing · verify on EDGAR →
will bear interest at a floating rate per annum equal to, at the Issuer’s option, either (i) SOFR plus 2.75% or (ii) a base rate determined in accordance with the A&E Cash Flow Credit Agreement plus 1.75%
The new term loans and revolving credit facility loans bear interest at a floating rate of SOFR plus 2.75% or a base rate plus 1.75%, at the Issuer's option.
Event · Item 8.01 — Other Events
McGraw Hill prepaid $50M of term loan principal and redeemed its 2022 Senior Secured Notes in full.
Added in current filing · verify on EDGAR →
On September 30, 2026, the Company prepaid $50 million of principal under its then-outstanding term loan facility.
The company voluntarily paid down $50 million of its term loan principal ahead of schedule. This reduces outstanding debt and future interest expense, though the filing does not disclose the remaining balance or the interest rate.
Added in current filing · verify on EDGAR →
On October 9, 2026, the Issuer redeemed in full the 2022 Senior Secured Notes.
The company fully redeemed its 2022 Senior Secured Notes, eliminating that debt obligation. The filing does not state the principal amount redeemed or the redemption price.
Event · Exhibit 99.1
McGraw Hill completed refinancing transactions extending debt maturities and prepaid $50M of term loan principal.
Added in current filing · view on EDGAR →
McGraw Hill, Inc. (the “Company”) announced today that it has completed a series of refinancing transactions that extend the maturities of certain of its outstanding indebtedness and enhance the Company’s financial flexibility.
The Company completed refinancing transactions that extend maturities of certain outstanding indebtedness and enhance financial flexibility. This is a proactive balance sheet management action.
Added in current filing · view on EDGAR →
The Company also announced the closing of $930 million of senior secured term loans (the “A&E Term Loan Facility”), to be incurred under the Issuer’s amended and restated senior secured cash flow credit agreement.
The Company closed $930 million of senior secured term loans under an amended and restated credit agreement. These borrowings, together with the notes offering proceeds, were used to redeem the 2028 notes and refinance the existing term loan facility.
Added in current filing · view on EDGAR →
refinanced its senior secured cash flow revolving credit facility to, among other things, extend its maturity to October 2031, increase available commitments thereunder to $150 million and reduce the interest rate applicable thereto
The Company refinanced its cash flow revolving credit facility, extending maturity to October 2031, increasing commitments to $150 million, and reducing the applicable interest rate. It also amended its ABL revolving credit agreement to extend maturity to October 2031.
Added in current filing · view on EDGAR →
the Company also recently strengthened its balance sheet with a $50 million prepayment of principal under its then-outstanding term loan facility.
The Company made a $50 million prepayment of principal under its then-outstanding term loan facility, reducing gross debt. The CFO reiterated the Company's commitment to a net debt to Adjusted EBITDA leverage ratio target of 2.0-2.5x.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 13, 2026 · How we verify