Getty Images launches $1.9 billion term B at Libor plus 250-275 bps

By Sara Rosenberg

New York, May 10 - Getty Images Inc. launched with its call on Friday a $1,895,000,000 covenant-light term loan B due October 2019 with price talk of Libor plus 250 basis points to 275 bps with a 1% Libor floor and a par offer price, according to a market source.

The loan has 101 soft call protection for six months, the source said.

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

Proceeds will be used to reprice the existing covenant-light term loan B from Libor plus 350 bps with a 1.25% Libor floor.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Senior secured leverage is 4.9 times, total leverage is 6.4 times and net total leverage is 6.3 times.

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

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