debt
confidence high
sentiment neutral
materiality 0.80
Getty Images Holdings, Inc. (GETY): debt financing — Getty Images exchanges $294.7M in notes and issues $628.4M senior secured notes for Shutterstock merger
Getty Images Holdings, Inc.
- Getty Images subsidiary exchanged $294,686,000 of 9.750% Senior Notes due 2027 for new 14.000% Senior Notes due 2028.
- Issued $628,400,000 of 10.500% Senior Secured Notes due 2030, with proceeds placed in escrow for the Shutterstock merger.
- Proceeds from secured notes will fund approximately $350M cash consideration to Shutterstock common stockholders and refinance Shutterstock debt.
- Shutterstock and its subsidiaries will guarantee the new senior notes and the senior secured notes within 20 business days after merger closing.
- The exchange offer received tenders for 98.23% of outstanding Old Notes, with $5,314,000 remaining outstanding.