Moody’s assigns B3 to Getty Images notes

Moody's Investors Service said it affirmed the probability of default rating of Getty Images, Inc. and appended it with the /LD designation to indicate limited default, reflecting the closing of the company's distressed exchange.

In addition, the agency assigned a B3 rating to the new 10˝% senior secured notes due Oct. 16, 2020.

Moody’s also affirmed the corporate family rating of Caa1, the B3 rating on the senior secured credit facilities and the Caa3 rating on the existing 7% senior unsecured notes due 2020.

The outlook remains stable.

Getty Images completed its distressed exchange, issuing $252.5 million of new 10˝% senior secured notes due 2020 at a 5% original issue discount in exchange for $100 million of cash plus roughly $240 million of existing 7% senior unsecured notes due 2020, representing a 36% discount to face value.

Moody's said it views the transaction as a distressed exchange, which is an event of default under its definition of default.

The new secured notes offered as a result of the exchange rank pari passu with the senior secured credit facilities and share in the guarantees of the credit facility.

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