Getty Images readies launch of $1.45 billion of term loans

By Sara Rosenberg

New York, Jan. 31 – Getty Images Inc. will hold a bank meeting in New York on Friday and a bank meeting in London on Monday to launch $1,445,000,000 of term loans (B2), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The debt is split between a $1,085,000,000 seven-year covenant-light term loan B and a $360 million equivalent euro seven-year covenant-light term loan B, the source said.

Price talk on the U.S. term loan is Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 98, and talk on the euro term loan B is Euribor plus 500 bps to 525 bps with a 0% floor and a discount of 98, the source continued.

Commitments are due at 5 p.m. ET on Feb. 13.

Proceeds will be used to help refinance the company’s balance sheet in connection with its acquisition by the Getty family from the Carlyle Group.

Other funds for the refinancing will come from a $100 million common equity investment from the Getty family and Koch Equity Development LLC, and a $500 million preferred equity investment from Koch Equity.

Getty Images is a visual communications company.

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