McGraw Hill Launches Transaction to Refinance its Near-Term Debt

NEW YORK (December 15, 2020) – McGraw Hill today announced that it has entered into a transaction support agreement to address its near-term debt maturities. The contemplated transaction will extend all material debt maturities through late 2024.

“Following a strong performance in the critically important back-to-school period, we are pleased to announce a comprehensive refinancing that addresses all near-term debt maturities”, said Garet Guthrie, Executive Vice President and Chief Financial Officer. ”The comprehensive refinancing is underpinned by the confidence that lenders and investors have in our business and will allow us to continue to execute on our digital growth strategy and to unlock the potential of learners around the world.”

Additional Information About the Transaction

Additional details regarding the Company's refinancing are in its Current Report, including exhibits, posted on the Company’s website: https://investors.mheducation.com/home/default.aspx

Forward-Looking Statements

This presentation includes statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the developments in the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition and liquidity, and the developments in the industry in which we operate are consistent with the forward-looking statements contained in this presentation, those results of operations, financial condition and liquidity or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements we make in this presentation speak only as of the date of such statement, and we undertake no obligation to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.