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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): October 21, 2025

Getty Images Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
001-41453
|
|
87-3764229 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification Number) |
605 5th Ave S. Suite 400
Seattle,
WA 98104
(Address of Principal Executive Offices, including Zip Code)
Registrant’s
telephone number, including area code: (206) 925-5000
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Class A Common Stock |
|
GETY |
|
New York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
1.01 Entry into a Material Definitive Agreement
Exchange
Offer & Consent Solicitation
Indenture
Overview
On
October 21, 2025, in connection with the settlement of the offer by Getty Images, Inc. (the “Issuer”), a subsidiary of Getty
Images Holdings, Inc. (the “Company”), to exchange (the “Exchange Offer”) any and all of the Issuer’s issued
and outstanding 9.750% Senior Notes due 2027 (the “Old Notes”) for newly issued unsecured 14.000% Senior Notes due 2028 (the
“New Notes”) of the Issuer, and the related solicitation of consents (the “Consent Solicitation”) to certain
proposed amendments (the “Proposed Amendments”) to the terms of the indenture governing the Old Notes, the Issuer (i) accepted
for exchange $294,686,000 aggregate principal amount of Old Notes validly tendered (and not validly withdrawn) by the holders thereof
and (ii) issued New Notes in an aggregate principal amount of $294,686,000 pursuant to an indenture (the “Base Indenture”),
as supplemented by the first supplemental indenture thereto (the “First Supplemental Indenture, and together with the Base Indenture,
the “New Notes Indenture”), each dated as of October 21, 2025, and each by and among the Issuer, the guarantors party thereto
and Wilmington Trust, National Association, as trustee.
Interest;
Guarantees
The
New Notes mature on March 1, 2028, unless earlier redeemed or repurchased. No sinking fund is provided for the New Notes. Cash
interest on the New Notes will accrue from October 21, 2025 and is payable semi-annually in arrears on March 1 and September 1 of
each year, beginning on March 1, 2026, at a rate of 14.000% per year. The obligations under the New Notes are senior unsecured
obligations of the Issuer and are jointly and severally guaranteed on a senior basis by the same guarantors guaranteeing the Old
Notes. No later than 20 business days following the consummation of the Company’s merger-of-equals with Shutterstock, Inc.
(“Shutterstock”), pursuant to that certain Agreement and Plan of Merger, dated as of January 6, 2025, by and among, inter
alios, the Company and Shutterstock (the “Merger Agreement”, and such merger-of-equals the “Merger”),
Shutterstock and its subsidiaries will provide a guarantee of the New Notes.
Optional
Redemption
At
any time on or prior to the earlier of (i) March 1, 2027 and (ii) the 180th day after the closing date of the Merger, the Issuer may,
upon notice, redeem some or all of the New Notes at a price equal to 100.0% of the principal amount of the New Notes redeemed and accrued
and unpaid interest, if any, to, but not including, the applicable redemption date.
At
any time after the earlier of (i) March 1, 2027 and (ii) the 180th day after the closing date of the Merger, the Issuer may redeem the
New Notes at its option, in whole at any time or in part from time to time, upon giving not less than 15 and not more than 60 days’
notice, at the redemption prices set forth in the New Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the
applicable redemption date.
Change
of Control
If
the Issuer experiences a change of control, the Issuer may be required to offer to repurchase the New Notes from the holders thereof
at a purchase price equal to 101.0% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding,
the date of such repurchase.
Covenants
and Events of Default
The
terms of the New Notes Indenture, among other things, limit the ability of the Issuer and its restricted subsidiaries to (i) incur or
guarantee additional indebtedness or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on,
or redeem or repurchase, the Issuer’s capital stock; (iii) make certain loans and investments; (iv) prepay, redeem or repurchase
indebtedness; (v) incur certain liens securing indebtedness; (vi) enter into certain transactions with affiliates; (vii) consolidate,
merge or convey, transfer or lease all or substantially all of its assets; (viii) enter into agreements that restrict the ability of
certain restricted subsidiaries to make dividends or other payments to the Issuer; (ix) designate our subsidiaries as unrestricted subsidiaries;
and (x) transfer or sell certain assets. These covenants are subject to a number of important conditions, qualifications, exceptions
and limitations that are described in the Indenture.
The
Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include payment
defaults, a failure to pay certain judgments and certain events of bankruptcy and insolvency. These events of default are subject to
a number of important qualifications, limitations and exceptions that are described in the Indenture.
The
New Notes were 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”), or non-U.S. persons
located outside of the United States and eligible to participate in an offering of securities pursuant to Regulation S under the
Securities Act. The New Notes were not, 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 laws.
The
foregoing summary of the New Notes Indenture does not purport to be complete and is qualified in its entirety by reference to the complete
terms of the Base Indenture and First Supplemental Indenture, filed as Exhibits 4.1 and 4.2 hereto, respectively, and the form of New
Notes, filed as Exhibit 4.3 hereto, each of which is incorporated herein by reference.
Third
Supplemental Indenture to the Old Notes Indenture
On
October 21, 2025, in connection with the Issuer’s acceptance of validly tendered Old Notes, the Issuer confirmed the receipt of
consents of at least a majority of the outstanding principal amount of Old Notes (the “Requisite Consents”) to the Proposed
Amendments. On October 21, 2025, the Issuer executed a third supplemental indenture to the indenture governing the Old Notes, dated as
of October 21, 2025 (the “Third Supplemental Indenture”), by and among the Issuer, the guarantors party thereto and Wilmington
Trust, National Association, as trustee. The Third Supplemental Indenture became effective upon execution and is operative as of October
21, 2025, following (i) payment by the Issuer of the Total Consideration (as defined in that certain confidential offering memorandum
and consent solicitation statement, dated as of September 18, 2025 (the “Exchange Offering Memorandum”)) to holders of Old
Notes whose valid tenders were accepted for exchange and (ii) notification to Wilmington Trust, National Association that such payment
was made.
The
foregoing description of the Third Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference
to the full text of the Third Supplemental Indenture, a copy of which is attached hereto as Exhibit 4.4 and is incorporated herein by
reference.
Senior
Secured Notes Offering – Indenture & Escrow Agreement
Overview
On
October 21, 2025, in connection with the closing of the Issuer’s offer and sale of $628,400,000 aggregate principal amount of the
Issuer’s 10.500% senior secured notes due 2030 (the “Senior Secured Notes”), the Issuer (i) issued the Senior Secured
Notes to certain initial purchasers in an aggregate principal amount of $628,400,000 pursuant to an indenture, dated as of October 21,
2025 (the “Senior Secured Notes Indenture”), by and among the Issuer, the Senior Secured Notes Guarantors (as defined below)
and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, and (ii) entered into an escrow agreement,
dated as of October 21, 2025 (the “Escrow Agreement), by and among the Issuer, U.S. Bank National Association, as escrow agent
(in such capacity, the “Escrow Agent”), and U.S. Bank Trust Company, National Association, as trustee.
Interest;
Guarantees; Security
The
Senior Secured Notes mature on November 15, 2030, unless earlier redeemed or repurchased. No sinking fund is provided for the Senior
Secured Notes. Cash interest on the Senior Secured Notes will accrue from October 21, 2025 and is payable semi-annually in arrears on
May 15 and November 15 of each year, beginning on May 15, 2026, at a rate of 10.500% per year. The obligations under the Senior Secured
Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the same guarantors (the “Senior
Secured Notes Guarantors”) that guarantee the Company’s credit agreement (the “Credit Agreement”) and existing
11.250% Senior Secured Notes due 2030, and secured by a first priority security interest (on a pari passu basis with the obligations
under the Credit Agreement and any other existing and future first lien indebtedness) in substantially all of the existing and future
assets of the Issuer and each Senior Secured Notes Guarantor, other than Excluded Property (as defined in the Senior Secured Notes Indenture)
and subject to permitted liens and the First Lien Intercreditor Agreement (as defined in the Senior Secured Notes Indenture). Shutterstock
and its subsidiaries will provide a guarantee of the Senior Secured Notes no later than 20 business days following the consummation of
the Merger.
Escrow;
Special Mandatory Redemption
Pursuant
to the terms of the Escrow Agreement, the Issuer has caused to be deposited an amount equal to the gross proceeds of the offering of
the Senior Secured Notes in an escrow account, secured in favor of the Escrow Agent 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 such escrowed proceeds furnished
by the offering of Senior Secured Notes to pay approximately $350,000,000 of fees, expenses and cash consideration to holders of Shutterstock
common stock payable in connection with the Merger (as defined below) and to use the remaining proceeds to refinance certain indebtedness
of Shutterstock and pay fees and expenses in connection with this offering.
In
the event that (i) the Merger Agreement is terminated on or prior to October 6, 2026, or (ii) the Issuer informs the Escrow Agent that
in the reasonable judgment of the Issuer, the Merger will not be consummated on or prior to October 6, 2026, the Senior Secured Notes
will be redeemed in accordance with a special mandatory redemption at a redemption price equal to 100% of the issue price of the Senior
Secured Notes plus accrued and unpaid interest, if any, from the date of issuance or the most recent date to which interest has been
paid or provided for, to, but not including, the date of such redemption.
Optional
Redemption
At
or any time prior to November 15, 2027, the Issuer may redeem the Senior Secured Notes at its option, in whole at any time or in part
from time to time, upon giving not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal
amount of the Senior Secured Notes redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but
excluding, the redemption date.
On
or after November 15, 2027, the Issuer may redeem the Senior Secured Notes at its option, in whole at any time or in part from time to
time, upon giving not less than 10 nor more than 60 days’ notice, at the redemption prices set forth in the Senior Secured Notes
Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
The
Issuer may also redeem the Senior Secured Notes prior to November 15, 2027, at any time or from time to time, in an amount equal to the
net cash proceeds received by the Issuer or any parent thereof from any equity offering at a redemption price equal to 110.500% of the
principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for
all such redemptions not to exceed 40% of the aggregate principal amount of the Senior Secured Notes (calculated after giving effect
to any issuance of additional notes that are Senior Secured Notes), provided that the redemption takes place not later than 180 days
after the closing of the related equity offering; and not less than 50% of the aggregate principal amount of the Senior Secured Notes
remains outstanding immediately thereafter (excluding Senior Secured Notes held by the Company or any of its restricted subsidiaries),
unless all such Senior Secured Notes are redeemed substantially concurrently.
Change
of Control
If
the Issuer experiences a change of control, the Issuer may be required to make an offer to repurchase the Senior Secured Notes from the
holders thereof at a purchase price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any,
to, but excluding, the date of such repurchase.
Covenants
and Events of Default
The
terms of the Senior Secured Notes Indenture, among other things, limit the ability of the Issuer and its restricted subsidiaries to (i)
incur or guarantee additional indebtedness or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions
on, or redeem or repurchase, the Issuer’s capital stock; (iii) make loans and investments; (iv) prepay, redeem or repurchase indebtedness;
(v) incur liens securing indebtedness; (vi) enter into transactions with affiliates; (vii) consolidate, merge or convey, transfer or
lease all or substantially all of its assets; (viii) enter into agreements that restrict the ability of restricted subsidiaries to make
dividends or other payments to the Issuer; (ix) designate our subsidiaries as unrestricted subsidiaries; and (x) transfer or sell assets.
These covenants are subject to a number of important conditions, qualifications, exceptions and limitations that are described in the
Senior Secured Notes Indenture.
The
Senior Secured Notes Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods),
which include payment defaults, a failure to pay certain judgments and certain events of bankruptcy and insolvency. These events of default
are subject to a number of important qualifications, limitations and exceptions that are described in the Senior Secured Notes Indenture.
The
Senior Secured Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A
under the Securities Act or non-U.S. persons located outside of the United States and eligible to participate
in an offering pursuant to Regulation S under the Securities Act. The Senior Secured Notes were not, 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 laws.
The
foregoing summary of the (i) Senior Secured Notes Indenture does not purport to be complete and is qualified in its entirety by reference
to the complete terms of the Senior Secured Notes Indenture, filed as Exhibit 4.5 hereto, and the form of Senior Secured Notes, filed
as Exhibit 4.6 hereto, each of which is incorporated herein by reference and (ii) Escrow Agreement does not purport to be complete and
is qualified in its entirety by reference to the complete terms of the Escrow Agreement, filed as Exhibit 4.7.
Certain
Relationships
J.P.
Morgan Securities LLC, the dealer manager for the Exchange Offer and Consent Solicitation and representative to the initial purchasers
of the Senior Secured Notes, and its affiliates from time to time have provided in the past and may provide in the future various securities
trading, commercial banking, investment banking, financial advisory, structuring, investment management, investment research, principal
investment, hedging, financing, brokerage, and other financial services in the ordinary course of business to the Issuer, the Company,
and their affiliates, and as such are entitled to customary fees and expenses in connection therewith. In addition, an affiliate of J.P.
Morgan Securities LLC has acted as an arranger in prior financing transactions involving the Company and the Issuer.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information contained in Item 1.01 above is hereby incorporated in this Item 2.03 by reference.
Item
8.01 Other Events
Exchange
Offer and Consent Solicitation – Final Results
On
October 20, 2025, the Issuer issued a press release announcing the final results of the previously announced Exchange Offer and Consent
Solicitation. As of 5:00 p.m., New York City time, on October 17, 2025, representing the expiration time of the Exchange Offer, $294,686,000
aggregate principal amount of Old Notes were validly tendered (and not validly withdrawn) in the Exchange Offer, representing 98.23%
of the total outstanding Old Notes tendered (and therefore consents validly delivered and not validly revoked). On October 21, 2025,
the Issuer has confirmed acceptance of all tendered Old Notes. As a result, the Issuer issued New Notes in an aggregate principal amount
of $294,686,000 in exchange for the $294,686,000 aggregate principal amount of Old Notes validly tendered.
This
Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy the New 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.
A copy of the press release announcing the final results of the Exchange Offer and Consent Solicitation is attached hereto as Exhibit
99.1 to this Current Report on Form 8-K.
Exchange
Offer and Consent Solicitation – Settlement
On
October 21, 2025, the Issuer issued a press release announcing the settlement of the previously announced Exchange Offer and Consent
Solicitation. According to Accuratus Tax and CA Services LLC, using the commercial names “Bondholder Communications Group”
or “Bondcom”, the information and exchange agent for the Exchange Offer and Consent Solicitation, $294,686,000 aggregate
principal amount of Old Notes were validly tendered (and not validly withdrawn) in the Exchange Offer by the Issuer and $5,314,000 aggregate
principal amount of Old Notes remain outstanding. A copy of the press release announcing the settlement of the Exchange Offer and Consent
Solicitation is included as Exhibit 99.2 hereto and incorporated by reference herein.
Senior
Secured Notes Offering - Closing
On
October 21, 2025, the Issuer issued a press release announcing the closing of the previously announced offering of Senior Secured Notes.
The
offering of the Senior Secured Notes was made in connection with Getty Images’ previously announced proposed Merger with Shutterstock,
creating a premier visual company. Pursuant to the terms of the Escrow Agreement, the Issuer has caused to be deposited an amount equal
to the gross proceeds of the offering of the Senior Secured Notes in an escrow account, secured in favor of the Escrow Agent 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 such escrowed proceeds furnished by the offering of Senior Secured Notes to pay approximately $350,000,000 of fees, expenses and
cash consideration to holders of Shutterstock common stock payable in connection with the Merger (as defined below) and to use the remaining
proceeds to refinance certain indebtedness of Shutterstock and pay fees and expenses in connection with this offering.
The
Senior Secured Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under
the Securities Act, and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Senior
Secured 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
Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Secured 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. A copy of the press release announcing the closing of the offering of the Senior Secured Notes is included as
Exhibit 99.2 hereto and incorporated by reference herein.
Forward
Looking Statements
This
Current Report contains forward-looking statements within the meaning of Section 27A of the Securities Act as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that reflect management’s current expectations,
plans, and assumptions that management has made in light of their experience in the industry, as well as their perceptions of historical
trends, current conditions, expected future developments, and other factors they believe are appropriate under the circumstances and
at such time. Forward-looking statements include information concerning possible or assumed future results of operations, including statements
regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity, the application of
the proceeds from the offering of the Senior Secured Notes, the compliance with the terms and conditions of the Escrow Agreement, the
consummation of the Merger and compliance with the terms and conditions of the Merger Agreement.. These statements often include words
such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,”
“estimates,” “targets,” “projects,” “should,” “could,” “would,”
“may,” “will,” “forecast,” and other similar expressions or the negative of these words and phrases,
other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying
words.
These
forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual
results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied
by these forward-looking statements. Important factors that could lead to such material differences include, but are not limited to,
the risks and uncertainties associated with the Exchange Offer and Consent Solicitation and offering and sale of the Senior Secured Notes.
You are cautioned not to place undue reliance on forward-looking statements, which represent management’s beliefs and assumptions
only as of the date of this Current Report. Actual future results may differ materially from what the Company expects. Important factors
that could cause actual results to differ materially from the Company’s expectations are discussed in the section entitled “Risk
Factors” set forth in each of the Exchange Offering Memorandum and that certain offering memorandum, dated as of October 6, 2025,
setting forth the terms of the offer and sale of the Senior Secured Notes, as well as under the heading “Risk Factors” included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission
(“SEC”). These factors should not be considered exhaustive and should be read together with other cautionary statements included
in the Company’s filings with the SEC. The Company expressly disclaims any obligation to publicly update or revise any forward-looking
statements contained in this Current Report, whether as a result of new information, future developments, or otherwise, except as required
by applicable federal securities law.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
No. |
|
Description |
| 4.1 |
|
Indenture, dated as of October 21, 2025, by and among Getty Images, Inc., the guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.2 |
|
First Supplemental Indenture, dated as of October 21, 2025, by and among Getty Images, Inc., the guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.3 |
|
Form of 14.000% Senior Secured Notes due 2028 included as Exhibit A to Exhibit 4.1 |
| 4.4 |
|
Third Supplemental Indenture, dated as of October 21, 2025, by and among Getty Images, Inc., the guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.5 |
|
Indenture, dated as of October 21, 2025, by and among Getty Images, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent |
| 4.6 |
|
Form of 10.500% Senior Secured Notes due 2030 included as Exhibit A to exhibit 4.5 |
| 4.7 |
|
Escrow Agreement, dated as of October 21, 2025, by and among U.S. Bank National Association, as Escrow Agent, U.S. Bank Trust Company, National Association, as trustee, and Getty Images, Inc. |
| 99.1 |
|
Press Release announcing
the final results of the exchange offer and consent solicitation, dated October 20, 2025 |
| 99.2 |
|
Press Release announcing the settlement of the exchange offer and consent solicitation and closing of the offering of the 10.500% Senior Secured Notes due 2030, dated October 21, 2025 |
| 104 |
|
Cover Page Interactive
Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
Getty Images Holdings, Inc. |
| |
|
|
| |
By: |
/s/ Kjelti Kellough |
| |
|
Name: |
Kjelti Kellough |
| |
|
Title: |
Senior Vice President, General |
| |
|
|
Counsel, and Corporate Secretary |
Date:
October 21, 2025