Getty Images sets Wednesday bank meeting for $1.7 billion term loan

By Paul A. Harris

Portland, Ore., Sept. 17 - Barclays will host a bank meeting on Wednesday afternoon for Getty Images Inc.'s $1.7 billion term loan B, according to a syndicate source.

The term loan is part of a $1.85 billion credit facility which also included a $150 million revolver.

Proceeds from the loans and from an expected $750 million of notes will be used to help fund the $3.3 billion purchase of Getty Images by the Carlyle Group and management from Hellman & Friedman.

As reported, last week the company announced an $800 million bridge loan backing the bond offering.

Pricing on the bridge loan is Libor plus 725 basis points with a 1.25% Libor floor. The spread steps up by 50 bps every three months until a cap is reached, the source added.

Commitments for the bridge loan were due on Friday.

In addition to Barclays, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBC Capital Markets LLC are the lead banks on the debt, with Barclays the left lead on the credit facility and JPMorgan the left lead on the bridge loan.

Other funds for the transaction will come from equity.

Closing on the buyout is targeted for mid-October.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.