Street Calls of the Week
NEW YORK - Getty Images, Inc. announced Thursday that holders of 98.22% of its outstanding 9.750% Senior Notes due 2027 have tendered their notes in an exchange offer for new 14.000% Senior Notes due 2028. According to InvestingPro data, the company carries a total debt of $1.4 billion, with current financial metrics indicating the stock is trading below its Fair Value.
The early results, revealed by the NYSE-listed Getty Images Holdings, Inc. (NYSE:GETY), show that $294,665,000 of the $300,000,000 outstanding notes were tendered before the early deadline of October 1. With a current market capitalization of $854.5 million and annual revenue of $946.8 million, this debt restructuring comes at a crucial time for the company.
The company has received sufficient consents to adopt proposed amendments to the indenture governing the old notes. Getty Images will enter a supplemental indenture with Wilmington Trust, National Association that will become operative when the tendered notes are accepted and paid for.
Eligible holders who tendered their notes by the early deadline will receive $1,000 principal amount of new notes per $1,000 of old notes, which includes a $50 early tender premium. They will also receive accrued and unpaid interest in cash.
The exchange offer, which was launched on September 18, is expected to settle on October 21, when the new notes will be issued.
The new 14% notes will mature in 2028, representing a significant interest rate increase from the existing 9.75% notes that were due in 2027.
Getty Images is not registering the new notes under the Securities Act, making them available only to qualified institutional buyers and non-U.S. persons outside the United States.
Getty Images describes itself as a global visual content creator and marketplace serving customers worldwide through its Getty Images, iStock and Unsplash brands.
This article is based on a press release statement from Getty Images.
In other recent news, Getty Images Holdings Inc. reported mixed financial results for the second quarter of 2025. The company disclosed earnings per share of $0.05, which fell short of the anticipated $0.06, but it marginally exceeded revenue forecasts with $234.9 million against an expected $234.5 million. Additionally, Getty Images has announced plans to offer $628.4 million in senior secured notes due in 2030. The proceeds from this offering will be partially utilized to pay fees and cash consideration to Shutterstock shareholders as part of their ongoing merger, with the remainder aimed at refinancing Shutterstock’s debt.
Furthermore, Getty Images has initiated an exchange offer for its existing $300 million of 9.750% Senior Notes due 2027, proposing new 14.000% Senior Notes due 2028. This offer is available to qualified institutional buyers and non-U.S. persons outside the United States, with an early tender premium available for those who tender by October 1, 2025. Meanwhile, the UK’s Competition and Markets Authority has launched an investigation into the Getty Images and Shutterstock merger, with a decision deadline set for October 20, 2025. These developments provide a comprehensive view of Getty Images’ recent financial activities and strategic moves.
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