Getty Images obtains $80 million revolving credit facility

By Sarah Lizee

Olympia, Wash., Feb. 21 – Getty Images Inc. entered into a $80 million revolving credit facility as part of its debt refinancing, according to a press release.

The revolver can be upsized to $110 million.

As previously reported, the company also got a $1.04 billion U.S. seven-year covenant-light term loan B and a €450 million euro seven-year covenant-light term loan B.

Pricing on the U.S. term loan firmed at Libor plus 450 basis points, and pricing on the euro term loan finalized at Euribor plus 500 bps.

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

Proceeds are being 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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