Getty Images details $1.045 billion credit facility for buyout by Hellman & Friedman

By Sara Rosenberg

New York, March 27 - Getty Images Inc. detailed the financing package for its buyout by Hellman & Friedman LLC, including plans for a new $1.045 billion senior secured credit facility, according to a SC 13E3 filed with the Securities and Exchange Commission Thursday.

Barclays, GE Capital and RBS Securities are the joint bookrunners on the deal, with Barclays and GE acting as co-lead arrangers. GE is the administrative agent.

The facility consists of a $75 million five-year revolver, a $705 million seven-year term loan and a $265 million 40-day delayed-draw, seven-year final maturity, term loan.

Pricing on all tranches is expected to be Libor plus 450 basis points, with a 3.25% Libor floor.

There is a $100 million accordion feature.

Financial covenants will include a maximum total leverage ratio and a minimum consolidated interest coverage ratio.

Hellman & Friedman is purchasing the company for $34 per share in cash. The transaction is valued at $2.4 billion, including the assumption of existing debt.

Other financing will come from up to $941.3 million in equity.

Completion of the transaction is expected to occur in the second quarter, subject to shareholder approval and other customary closing conditions. The deal is not subject to a financing condition.

Getty Images is a Seattle-based creator and distributor of still imagery, footage and multi-media products, and a provider of other forms of digital content.

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