Getty Images cuts spread on $1.27 billion term B to Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 1 - Getty Images Inc. lowered pricing on its $1.27 billion six-year term loan B to Libor plus 375 basis points from Libor plus 425 bps, according to a market source.

In addition, 101 soft call protection for one year was added to the loan, the source said.

The 1.5% Libor floor and original issue discount of 99 were left unchanged.

Recommitments were due from lenders at the end of the day Monday, and allocations are expected to go out later this week.

Getty's $1.37 billion credit facility (Ba3/BB-) also includes a $100 million revolver.

Barclays, JPMorgan, GE Capital, Bank of America and Goldman Sachs are the lead banks on the deal.

Proceeds will be used to refinance existing debt and to fund a dividend payment.

Getty Images is a Seattle-based creator, aggregator and distributor of visual and multimedia content to creative and communication professionals.

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