Getty Images reworks U.S. and euro term loan sizes, updates pricing

By Sara Rosenberg

New York, Feb. 13 – Getty Images Inc. downsized its U.S. seven-year covenant-light term loan B to $1.04 billion from $1,085,000,000 and upsized its euro seven-year covenant-light term loan B to €450 million from €315 million, according to a market source.

Also, pricing on the U.S. term loan firmed at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, and pricing on the euro term loan finalized at Euribor plus 500 bps, the tight end of the Euribor plus 500 bps to 525 bps talk, the source said.

In addition, the original issue discount on the U.S. term loan was revised to 98.5 from 98.

The discount on the euro term loan remained at 98.

Both term loans still have a 0% floor and 101 soft call protection for six months.

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

Books closed at 4 p.m. ET on Wednesday, the source added.

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 $300 million of notes, downsized from $400 million with the euro term loan upsizing, 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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