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McGraw-Hill comments on progress of sale of education business to Apollo Global

McGraw-Hill (MHP) commented on the launching of bank debt financing to support the previously disclosed purchase by investment funds affiliated with Apollo Global (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 $250M in face amount of unsecured notes by a holding company of McGraw-Hill Education. Upon closing, McGraw-Hill will be renamed McGraw Hill Financial and will be a high-growth, high-margin company serving the global capital and commodities markets.