Getty Images Prices $628.4M Notes for Shutterstock Merger
Getty Images, a prominent global visual content provider, has priced $628.4 million of 10.500% Senior Secured Notes due 2030. The notes, to be issued on October 21, 2025, are part of a strategic move involving the Merger with Shutterstock.
The notes, offered to qualified institutional buyers and non-U.S. persons, are secured by a first-priority security interest. Upon release from escrow, proceeds will be used to pay cash consideration to Shutterstock shareholders, refinance Shutterstock's debt, and cover associated fees and expenses. The notes are senior secured obligations of Getty Images, Inc., jointly guaranteed by certain subsidiaries.
If the Merger isn't completed by October 6, 2026, noteholders will receive a redemption at 100% of the issue price, plus accrued interest. No specific details are available regarding the issuance of 10,500%-Senior-secured bonds on the planned date.
Getty Images' latest bond offering is a significant step towards finalising the Merger with Shutterstock. The notes' proceeds will facilitate the transaction and refinance Shutterstock's debt. Noteholders have redemption protection in case the Merger doesn't materialise.
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