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NEW YORK - Getty Images, Inc. (NYSE:GETY) announced Monday the completion of its exchange offer for its 9.750% Senior Notes due 2027, with 98.23% of the notes successfully tendered. The debt restructuring comes as the company, currently valued at $831.7 million, manages its $1.4 billion total debt load.
The company will issue new 14.000% Senior Notes due 2028 with an aggregate principal amount of $294,686,000 in exchange for the tendered notes. Following the settlement, which is expected to occur on October 21, only $5,314,000 of the original notes will remain outstanding.
The exchange offer, which expired at 5:00 p.m. New York City time on October 17, was conducted by Getty Images, Inc., an indirect wholly owned subsidiary of Getty Images Holdings, Inc.
The new notes will not be registered under the Securities Act and are being offered and issued only to qualified institutional buyers and non-U.S. persons outside the United States, in accordance with applicable securities regulations.
Getty Images is a global visual content creator and marketplace offering content solutions through its Getty Images, iStock and Unsplash brands. The company works with approximately 600,000 content creators and more than 355 content partners worldwide. With annual revenue of $946.83 million and an impressive gross profit margin of 73.01%, the company maintains a strong market position despite current profitability challenges.
The information in this article is based on a press release statement from Getty Images.
In other recent news, Getty Images Holdings has made significant financial moves and faces regulatory scrutiny. The company has priced $628.4 million in 10.500% Senior Secured Notes due in 2030, which will be issued by its subsidiary and backed by existing guarantors. Additionally, Getty Images reported a 98.22% participation rate in its exchange offer for new 14.000% Senior Notes due in 2028, with $294,665,000 of the $300,000,000 outstanding notes tendered by the early deadline. These financial developments come as Getty Images and Shutterstock encounter potential hurdles in their proposed $3.7 billion merger. The U.K. Competition and Markets Authority has expressed concerns that the merger could harm competition in the UK market, giving both companies until October 27 to address these issues. If satisfactory remedies are not provided, the merger may face a more in-depth investigation. These recent developments highlight the financial and regulatory landscape Getty Images is navigating.
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