Stock photo supplier Getty Images Holdings Inc. is getting its ducks in a row to finance its acquisition of Shutterstock Inc. Part of the process includes cornering investors to participate in a bond exchange that would refinance its existing debt.
As a condition of the merger, Getty agreed to not have any debt maturities until 2028, so it launched an exchange on Sept. 18 to refinance $300 million of notes due in 2027. The company is working with JPMorgan Chase & Co. to finance the transaction, which will also include the sale of new bonds.
Getty Blocks Creditor Boycotts in Bond Exchange Tied to Merger
