NEW YORK, Dec. 18, 2017 /PRNewswire/ -- McGraw-Hill Education, a learning science company, announced today the successful completion of its incremental $150 million term loan financing. Using the net proceeds from this transaction along with over $100 million of cash from operations, the Company this year has voluntarily retired more than $250 million of its 8.5% PIK/Toggle Notes scheduled to mature in August 2019.
"We appreciate the broad-based support our debt investors showed in providing the incremental term loan financing," said Patrick Milano, Executive Vice President and Chief Financial Officer at McGraw-Hill Education. "This voluntary retirement of more than half of our highest coupon debt demonstrates the company's ongoing commitment to delever using its excess cash flow generated from operations."
Following the completion of this transaction, $244 million of the PIK/Toggle Notes remains outstanding. The Company has no other material funded debt maturities due prior to 2022 and its $350 million revolving line of credit is undrawn.
About McGraw-Hill Education
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 more than 60 languages.
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to us as of the date of the release, and we assume no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to "Risk Factors" and "Special Note Regarding Forward-Looking Statements" in McGraw-Hill's annual report for the fiscal year ended December 31, 2016 for a further discussion of the factors and risks associated with the business.
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SOURCE McGraw-Hill Education