Filing summary
Company: McGraw Hill, Inc. (NYSE: MH). Filing: Form 8-K reporting transactions completed October 9, 2026. This is a financing update, not a periodic financial-results filing.
Debt refinancing and key terms
- Wholly owned subsidiary McGraw-Hill Education, Inc. issued $400 million of 8.000% senior secured notes due 2033. Interest is payable semiannually beginning July 15, 2027.
- Proceeds from the notes, together with term-loan borrowings, funded full redemption of the outstanding 5.750% secured notes due 2028 and refinancing of the existing term loan facility.
- The amended cash flow credit agreement provides a $930 million senior secured term loan due October 7, 2033, with quarterly installments of $2.325 million, and a $150 million revolving facility due October 9, 2031. The revolving facility replaced an existing $111 million cash flow revolver.
- Term-loan and cash-flow revolver borrowings bear interest, at the issuer’s option, at SOFR plus 2.75% or the agreement’s base rate plus 1.75%.
- An amendment extended the ABL revolving facility maturity to October 9, 2031. The filing does not state its commitment amount or borrowing balance.
- On September 30, 2026, the Company prepaid $50 million of principal on its then-outstanding term loan facility. The 2028 notes were redeemed in full on October 9.
Financial effects and comparison
The transactions replace or refinance prior debt and extend stated maturities. The new notes carry an 8.000% coupon; the filing does not provide the prior term-loan rate, transaction costs, or a clear post-refinancing total debt balance, so the net change in debt or interest expense cannot be determined from this filing.
No revenue, profit, cash flow, margin, liquidity, or operating guidance figures are reported. The $150 million figure is revolving-credit availability, not disclosed cash on hand.
Collateral, covenants, and risks
- The notes and credit facilities are secured by specified assets, with first- and second-priority liens varying by collateral pool. The notes also have parent and subsidiary guarantees.
- The notes indenture restricts, among other things, additional debt, dividends and other restricted payments, asset sales, liens, investments, affiliate transactions, and certain mergers or asset sales.
- Default provisions include nonpayment, certain covenant breaches, cross-default-type events, unpaid final judgments, guarantee enforceability failures, and bankruptcy or insolvency events, subject to applicable terms and cure periods.
- The notes may be redeemable before maturity subject to make-whole or other specified premiums and conditions.
Important facts for investors to verify
- Post-transaction debt balances, cash balances, borrowing under each revolver, and remaining availability.
- The effective interest rates, fees, and any premiums or expenses associated with the refinancing and redemption.
- Full terms, collateral priorities, covenants, and redemption provisions in the filed indenture and amended credit agreements.
- Whether the refinancing changes future interest expense, required amortization, or financial flexibility; this filing does not quantify those effects.