Getty Images Prices $628.4 Million of 10.500% Senior Secured Notes due 2030
Getty Images (NYSE: GETY) priced $628,400,000 of 10.500% Senior Secured Notes due 2030, to be issued by Getty Images, Inc., with expected closing on or around October 21, 2025.
Proceeds will be deposited in escrow with a first‑priority security interest and, upon release, used to pay cash consideration to Shutterstock holders, refinance Shutterstock indebtedness, and pay fees and expenses in connection with the proposed merger of equals with Shutterstock. Notes are senior secured and jointly guaranteed on a first lien basis and were offered to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S.
The Notes include a special mandatory redemption if the merger is not consummated on or prior to October 6, 2026.
Getty Images (NYSE: GETY) ha emesso 628.400.000 dollari di Note Senior Secured a coupon del 10,500% scadenza 2030, da emettere da Getty Images, Inc., con chiusura prevista intorno al 21 ottobre 2025.
Proventi saranno depositati in escrow con un diritto di garanzia di primo grado e, al rilascio, utilizzati per pagare la contropartita in contanti agli azionisti di Shutterstock, rifinanziare l’indebitamento di Shutterstock e pagare onorari ed spese in relazione alla fusione proposta tra uguali con Shutterstock. Le Notes sono senior secured e garantite congiuntamente su base di primo privilegio e sono state offerte a qualified institutional buyers ai sensi della Rule 144A e a persone non statunitensi ai sensi del Regulation S.
Le Notes includono una redenzione speciale obbligatoria se la fusione non sarà conclusa entro il 6 ottobre 2026.
Getty Images (NYSE: GETY) ha emitido 628.400.000 dólares de Notas Senior Secured a cupón del 10,500% con vencimiento en 2030, que serán emitidas por Getty Images, Inc., con cierre previsto alrededor del 21 de octubre de 2025.
Los ingresos se depositarán en una cuenta en escrow con un derecho de garantía de primera prioridad y, al ser liberados, se utilizarán para pagar a los tenedores de Shutterstock una contraprestación en efectivo, refinanciar la deuda de Shutterstock y pagar honorarios y gastos relacionados con la fusión propuesta entre iguales con Shutterstock. Las Notas son senior secured y garantizadas conjuntamente en una base de primer gravamen y se ofrecieron a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Regulation S.
Las Notas incluyen una redención especial obligatoria si la fusión no se consummará a más tardar el 6 de octubre de 2026.
Getty Images (NYSE: GETY)는 6억2840만 달러의 만기 2030년 10.500%의 선순위 담보채를 발행하며, Getty Images, Inc.가 발행하고 예상 마감일은 대략 2025년 10월 21일이다.
자금은 우선담보권이 있는 에스크로에 예치되며 해제 시 Shutterstock 보유자들에게 현금 대가를 지급하고, Shutterstock의 채무를 재융자하며, Shutterstock와의 동종 합병에 따른 수수료 및 비용을 지불하는 데 사용된다. 이 채권은 선순위 담보부이며 1순위 유치권으로 공동 보증되며 제안은 144A 규칙에 따라 자격 있는 기관 투자자에게, Regulation S에 따라 비미국인에게도 이루어졌다.
합병이 2026년 10월 6일 이전에 체결되지 않으면 특별 의무상환 조항이 포함되어 있다.
Getty Images (NYSE: GETY) a émis 628 400 000 dollars de Notes Senior Secured à coupon de 10,500% échéant en 2030, à émettre par Getty Images, Inc., avec une clôture prévue autour du 21 octobre 2025.
Les produits seront déposés en séquestre avec un droit de sécurité de premier rang et, lors de leur libération, utilisés pour payer en espèces les porteurs de Shutterstock, refinancer l’endettement de Shutterstock et payer les frais et dépenses liés à la fusion proposée entre égaux avec Shutterstock. Les Notes sont senior secured et garanties conjointement sur une base de premier rang et ont été offertes à des acheteurs institutionnels qualifiés en vertu de la Rule 144A et à des personnes non américaines en vertu du Regulation S.
Les Notes incluent une mécanisme de rachat spécial obligatoire si la fusion n’est pas conclue au plus tard le 6 octobre 2026.
Getty Images (NYSE: GETY) hat 628,4 Mio. USD an Senior Secured Notes mit 10,500% Kupon bis 2030 ausgegeben, die von Getty Images, Inc. ausgegeben werden, mit voraussichtlichem Abschluss um den 21. Oktober 2025.
Die Erlöse werden treuhänderisch mit einem Erstverpfändungsrecht eingezogen und nach Freigabe verwendet, um den Shutterstock-Inhabern eine Barzahlung zu leisten, Shutterstocks Verschuldung zu refinanzieren und Gebühren und Kosten im Zusammenhang mit der vorgeschlagenen Fusion der Gleichen mit Shutterstock zu begleichen. Die Notes sind senior secured und gemeinsam garantiert auf Erstpfandrechtsbasis und wurden an qualifizierte institutionelle Käufer gemäß Rule 144A und an Nicht-US-Personen gemäß Regulation S angeboten.
Die Notes beinhalten eine spezielle obligatorische Rückzahlung, wenn die Fusion nicht bis zum 6. Oktober 2026 abgeschlossen wird.
Getty Images (NYSE: GETY) قامت بإصدار 628,400,000 دولارًا أمريكيًا من سندات مضمونة عالية المستوى بفائدة 10.500% تستحق في 2030، ستصدرها Getty Images, Inc.، مع إغلاق متوقع حوالي 21 أكتوبر 2025.
سيتم إيداع العوائد في حساب أمان مع امتياز رهن من الدرجة الأولى، وعند الإفراج، ستستخدم لدفع مقابل نقدي لمُلّاك Shutterstock، وإعادة تمويل ديون Shutterstock، ودفع الرسوم والمصاريف المرتبطة بالاندماج المقترح بنسق العدل مع Shutterstock. السندات مضمونة من الدرجة العليا ومضمونة بشكل مشترك على أساس امتياز أول وعُرضت على مشترين مؤسساتيين مؤهلين بموجب القاعدة 144A ولأشخاص غير أمريكيين بموجب التنظيم S.
تشمل السندات شرط استرداد خاص إلزامي إذا لم تتم الصفقة قبل 6 أكتوبر 2026.
Getty Images (NYSE: GETY) 已定价发行 6.284亿美元 的 10.500% 20230 年到期的高级抵押票据，由 Getty Images, Inc. 发行，预计于 2025 年 10 月 21 日 左右完成。
募集资金将存放在具第一优先质押权的托管账户中，释放时用于向 Shutterstock 持有人支付现金对价、再融资 Shutterstock 的债务，以及支付与拟议的“同等合并”相关的费用与开支。这些票据为高级抵押并共同以第一留置权担保，按规则 144A 向合格机构买家发行，按 Regulation S 向非美国人士发行。
若合并未在 2026 年 10 月 6 日之前完成，则票据包含特殊强制赎回条款。
- Notes sized at $628.4M to fund the merger
- Coupon fixed at 10.50% through 2030
- Proceeds secured by a first‑priority lien on escrowed funds
- Proceeds allocated to pay Shutterstock consideration and refinance debt
- High coupon (10.50%) increases interest expense
- Private placement to QIBs (Rule 144A) limits secondary liquidity
- Special mandatory redemption if merger not closed by Oct 6, 2026
Insights
Getty Images priced
The company will issue
Key dependencies include successful closing of the merger by
The financing structure aligns debt repayment to the merger timeline and protects noteholders with escrowed proceeds and first‑priority liens.
The notes explicitly secure proceeds in escrow and mirror guarantees supporting existing secured notes and the credit facility, which maintains creditor priority across Getty Images’ capital structure. The fixed
Primary risks are transaction‑conditionality and refinancing execution; the mandatory redemption protects noteholders but leaves Getty Images exposed to refinancing or liquidity actions if the Merger fails. Monitor the escrow agent notices, any amendments to the merger agreement, and the closing around
NEW YORK, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Getty Images Holdings, Inc. (NYSE: GETY) (“Getty Images”) announced the pricing of
The offering of the Notes is being made in connection with Getty Images’ previously announced proposed merger of equals (the “Merger”) with Shutterstock, Inc. (“Shutterstock”), creating a premier visual company. An amount equal to the gross proceeds from the sale of the Notes will be deposited in an escrow account and will be secured by a first-priority security interest in the escrow account and all funds deposited therein. Upon release from escrow, Getty Images and the Issuer intend to use the net proceeds from the offering of the Notes to pay cash consideration to holders of Shutterstock common stock in connection with the Merger, to refinance Shutterstock indebtedness, as well as associated fees and expenses.
If the agreement to complete the Merger is terminated, or the Merger is not consummated on or prior to October 6, 2026, or if the Issuer informs U.S. Bank National Association, in its capacity as escrow agent for the proceeds of the offering, that it reasonably believes the Merger will not be consummated on or prior to October 6, 2026, the Notes will be redeemed in accordance with a special mandatory redemption at a redemption price equal to
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity, the offering of the Notes, the expected use of proceeds from the offering of the Notes, the escrow agreement and the Merger. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Getty Images and the Issuer and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Getty Images and the Issuer.
These forward-looking statements are subject to a number of risks and uncertainties, including: the risks and uncertainties associated with the offering of the Notes, the risk of termination of the offering of the Notes or termination of the agreement to complete the Merger and any adverse effects on Getty Images and the Issuer of any such termination, our ability to close the Merger and other risks and uncertainties identified in “Item 1A. Risk Factors” of Getty Images’ most recently filed Annual Report on Form 10-K (the “2024 Form 10-K”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described under the heading “Item 1A Risk Factors” in the 2024 Form 10-K and in our other filings with the SEC. The risks described under the heading “Item 1A Risk Factors” in the 2024 Form 10-K and other filings with the SEC are not exhaustive. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can Getty Images or the Issuer assess the impact of all such risk factors on their business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward looking statements attributable to Getty Images or the Issuer or persons acting on their behalf are expressly qualified in their entirety by the foregoing cautionary statements. Getty Images and the Issuer undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
In addition, the statements of belief and similar statements reflect the beliefs and opinions of Getty Images and the Issuer on the relevant subject. These statements are based upon information available to Getty Images and the Issuer, as applicable, as of the date of this press release, and while they believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that Getty Images and the Issuer have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
About Getty Images
Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first-place people turn to discover, purchase and share powerful visual content from the world’s best photographers and videographers. Getty Images works with almost 600,000 content creators and more than 355 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography.
Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end-to-end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for.
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Investor Contact Getty Images:
Steven Kanner
Investorrelations@gettyimages.com
Media Contact Getty Images:
Julia Holmes
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