Shutterfly $450 million secured notes backing Apollo buyout expected post-Labor Day business

By Paul A. Harris

Portland, Ore., Aug. 28 – A bridged $450 million offering of senior secured notes backing the buyout of Shutterfly Inc. by Apollo Global Management LLC is expected to factor into what is taking shape as a busy post-Labor Day new issue calendar, an informed source said on Wednesday.

As reported, debt financing for the buyout also includes a $300 million revolver and a $1.65 billion term loan.

Barclays, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. provided the debt commitment.

Under the agreement, Shutterfly is being bought for $51.00 per share in cash, or an enterprise value of about $2.7 billion.

Other funds for the transaction will come from up to $890 million of equity.

Closing is expected by early in the fourth quarter of 2019.

Shutterfly is a Redwood City, Calif.-based retailer and manufacturing platform for personalized products and communications.

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