McGraw Hill (MH) said late Wednesday it has priced an initial public offering of approximately 24.4 million shares of its common stock at $17 each.

The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "MH" on Thursday, and the offering is expected to close Friday.

McGraw Hill, an education company that provides learning materials, intends to use the net proceeds to repay some borrowings under its term loan credit facility.

In addition, a certain selling stockholder has granted the underwriters a 30-day option to purchase up to about 3.7 million additional shares to cover any over-allotments. McGraw Hill will not receive any proceeds from the sale of shares by the selling stockholder if the underwriters exercise their option, it said.