Summary
The McGraw-Hill Companies, Inc. (now S&P Global Inc.) filed an 8-K report on November 2, 2007, detailing a significant financing event. The company successfully issued and sold $1.2 billion in aggregate principal amount of senior notes across three tranches: 5.375% notes due 2012, 5.900% notes due 2017, and 6.550% notes due 2037. These notes were issued under a registration statement and governed by an indenture with The Bank of New York as trustee, which includes customary covenants limiting liens and asset transfers, along with standard events of default. This offering represents a substantial capital raise for the company, likely intended for general corporate purposes or to refinance existing debt. The issuance of senior unsecured notes indicates the company's ability to access public debt markets, and the varying maturities offer flexibility in managing its long-term debt structure. Investors would note the specific interest rates and maturity dates, as well as the unsecured nature of these obligations, which rank equally with other senior unsecured debt of the company.
Key Highlights
- 1The McGraw-Hill Companies, Inc. issued $1.2 billion in aggregate principal amount of senior notes.
- 2The notes are divided into three series: 5.375% due 2012, 5.900% due 2017, and 6.550% due 2037.
- 3The issuance was made under a registration statement on Form S-3.
- 4The notes are governed by an Indenture dated November 2, 2007, with The Bank of New York as trustee.
- 5The Indenture includes covenants that limit the company's ability to create certain liens and to consolidate, merge, or transfer substantially all assets.
- 6The notes are senior unsecured obligations of the company.
- 7The company entered into an underwriting agreement with Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc., and J.P. Morgan Securities Inc. for the public offering.