On February 7, 2024, Getty Images (GETY) and its wholly owned subsidiary Getty Images, Inc. launched a process to refinance Getty Images’ outstanding senior secured term loan facilities, scheduled to mature on February 19, 2026. As part of this effort, Getty Images will seek to amend its existing senior secured credit facilities to refinance its existing term loan facilities with the dollar equivalent of up to $1.4 billion of replacement term loan term facilities. The strategic refinancing is intended to optimize interest expense resulting in improved cash flow, improve key covenant terms, extend term loan maturities and fund the redemption of the Getty Images’ outstanding senior unsecured notes due March 1, 2027.
The Company expects to meet or exceed its financial guidance for the quarter and full year ended December 31, 2023. Additionally, we expect the Revenue ranges for the quarter and year ended December 31, 2023 to be as follows:
Fourth Quarter 2023
· Revenue is expected to be in the range of $219 million to $229 million
Full Year 2023
· Revenue is expected to be in the range of $910 million to $920 million
The Company also maintains a target Net Debt/Adjusted EBITDA range of 2.5x to 3.0x within 24 to 36 months.