Getty Images $705 million Libor plus 425 bps term loan attracts anchor orders with 97.00 OID

By Paul A. Harris

St. Louis, June 10 - More than 100 people attended the Tuesday bank meeting for Getty Images Inc.'s $1.045 billion senior secured credit facility, according to an informed source.

Pricing for the $705 million Libor plus 425 basis points seven-year term loan firmed up at 97.00. In addition to the original issue discount, the institutional piece comes with a 3¼% Libor floor.

"There are anchor orders, so it's going pretty well," the source added.

Barclays Capital, GE Capital and RBS Greenwich Capital are leading the deal, which also includes a $75 million five-year revolving credit facility and a $265 million 40-day delayed-draw term loan with a seven-year final maturity.

Both the revolver and the delayed-draw term loan have a 50 bps commitment fee.

The facility has a $100 million accordion feature.

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

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman LLC 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.

A special meeting of shareholders is scheduled to take place on June 20.

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

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