McGraw Hill Obtains $1 Billion Four-Year Revolving Credit LineKrista Giovacco
McGraw Hill Financial Inc., owner of Standard & Poor’s, obtained a $1 billion revolving credit line to replace a lending pact from 2010.
JPMorgan Chase & Co. and Bank of America Corp. arranged the four-year transaction, the New York-based company said today in a regulatory filing. The deal refinances a $1.2 billion revolver maturing in July 2013.
The McGraw-Hill Cos. in November agreed to sell its education unit to Apollo Global Management LLC for $2.5 billion. The remaining division became McGraw Hill Financial.
The existing revolver paid interest at 0.72 percentage points more than the London interbank offered rate, according to data compiled by Bloomberg.
In a revolving line of credit, money may be borrowed again once it’s repaid.