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S&P ups Getty Images, rates first-lien debt B-
S&P said it raised its issuer credit rating on Getty Images Inc. to B- from CCC and removed it from CreditWatch with developing implications.
At the same time, S&P assigned a B- issue-level rating and 3 recovery rating to the proposed first-lien debt.
The ratings on the company’s existing debt issues remain unchanged. S&P expects to withdraw its ratings on the company's existing debt following the close of the proposed transaction.
Getty Images plans to refinance its capital structure with a $1.5 billion first-lien credit facility, $400 million in unsecured debt and $600 million in preferred and common equity from third party investor Koch Development LLC and Getty's parent company, Griffey Global Holdings Inc.
The proposed transaction will improve Getty's liquidity and debt maturity profile, S&P said in a news release.
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