Shutterfly sets roadshow for $500 million seven-year secured notes

By Paul A. Harris

Portland, Ore., Sept. 16 – Shutterfly Inc. plans to start a roadshow on Tuesday in New York for a $500 million offering of seven-year senior secured notes (expected ratings B1/B), according to a syndicate source.

The roadshow travels to Boston on Wednesday, Los Angeles on Thursday and wraps up in San Francisco on Friday.

Citigroup Global Markets Inc. is the lead left bookrunner for the Rule 144A and Regulation S for life offering. Barclays, SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC, BMO Securities, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) LLC, RBC Capital Markets LLC, Mizuho Securities USA Inc. and UBS Investment Bank are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 40% equity clawback.

Proceeds will be used to fund the buyout of Shutterfly and Snapfish LLC by Apollo Global Management LLC.

Prior to the buyout closing the issuing entity will be Photo Holdings Merger Sub, Inc.

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

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