Getty Images to launch new credit facility in September or October

By Sara Rosenberg

New York, Aug. 28 - Getty Images Inc. is currently expecting to hold a bank meeting for its proposed new credit facility sometime in late September or early October, according to a market source.

J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBC Capital Markets LLC are the lead banks on the debt.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group and management from Hellman & Friedman for $3.3 billion.

Other funds for the transaction will come from equity and high-yield bonds are expected to be used as well, the source added.

Closing is targeted to take place this year.

Getty Images is a Seattle-based creator and distributor of still imagery, video and multimedia products.

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