Getty Images downsizes to $300 million, talks eight-year senior notes to yield in 10% area

By Paul A. Harris

Portland, Ore., Feb. 13 – Getty Images Inc. downsized its offering of eight-year senior notes (CCC+) to $300 million from $400 million, shifting $100 million of proceeds to a concurrent secured loan, according to a bond trader.

At its previous $400 million size, the bond deal was heard to have been oversubscribed by as much as four-times at the initial price talk of 10½%, a trader said.

However, the Seattle-based visual communications company slashed talk on the deal to the 10% area on Wednesday, the trader said, adding that such a dramatic reduction in the coupon could be relied upon to negatively impact the demand for the notes.

The deal is expected to price Wednesday afternoon.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

Getty Images plans to use the proceeds to refinance its balance sheet in connection with its acquisition by the Getty family from the Carlyle Group.

© 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.