Street Calls of the Week
NEW YORK - Getty Images Holdings, Inc. (NYSE:GETY), currently valued at $915 million, has priced $628.4 million in 10.500% Senior Secured Notes due 2030, according to a press release statement issued Monday. The company’s stock has shown significant momentum, gaining over 70% in the past six months, according to InvestingPro data.
The notes will be issued by Getty Images, Inc., an indirect wholly owned subsidiary of Getty Images Holdings, and will be guaranteed on a senior secured first lien basis by the same guarantors that back the company’s outstanding notes and secured credit facility. With a current ratio of 0.7 and total debt of approximately $1.4 billion, the company’s financial health score on InvestingPro is rated as "FAIR."
The offering is expected to close around October 21, 2025, subject to customary closing conditions. The proceeds will be held in escrow until the completion of Getty Images’ previously announced merger with Shutterstock, Inc.
Upon release from escrow, Getty Images plans to use the net proceeds to pay cash consideration to Shutterstock shareholders, refinance Shutterstock debt, and cover associated fees and expenses.
If the merger agreement is terminated or the transaction is not completed by October 6, 2026, the notes will be subject to a special mandatory redemption at 100% of the issue price plus accrued interest.
The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S. The securities have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.
The merger between Getty Images and Shutterstock was previously announced as a merger of equals that would create a combined visual content company. Getty Images currently generates annual revenue of $947 million with a robust gross profit margin of 73%. For deeper insights into Getty Images’ financial health and valuation metrics, including 10+ additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Getty Images Holdings Inc. reported mixed results for the second quarter of 2025. The company revealed earnings per share of $0.05, slightly below the forecast of $0.06, while its revenue of $234.9 million slightly exceeded expectations. Additionally, Getty Images announced a significant financial maneuver, with 98.22% participation in an exchange offer for its outstanding 9.750% Senior Notes due 2027, exchanging them for new 14.000% Senior Notes due 2028. The company also plans to offer $628.4 million in senior secured notes due 2030, with a portion of the proceeds aimed at facilitating its merger with Shutterstock. The UK’s Competition and Markets Authority has launched an investigation into this merger, with a decision expected by October 2025. These developments reflect Getty Images’ strategic financial activities and ongoing merger plans.
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