Getty Images Holdings, Inc. (NYSE: GETY) has announced the successful early participation in its exchange offer and consent solicitation. The offer involves exchanging any and all of the issuer's issued and outstanding unsecured 9.750% senior notes due 2027 (the "old notes") for newly issued unsecured 14.000% senior notes due 2028 (the "new notes"). Here are the specific figures related to the early participation in the exchange offer and consent solicitation:
- $300,000,000: Aggregate principal amount outstanding of the 9.750% senior notes due 2027.
- $294,665,000: Principal amount of old notes tendered and consents delivered at the early tender time, representing 98.22% of the aggregate principal amount outstanding.
Eligible holders who validly tendered their old notes in the exchange offer and delivered the related consents at or before the early tender time will be entitled to receive the total consideration and accrued and unpaid interest from the last interest payment date to the settlement date of the exchange offer. The total consideration consists of $1,000 principal amount of new notes, including an early tender premium of $50 principal amount of new notes, per $1,000 principal amount of old notes tendered.
The exchange offer is expected to be settled, and the new notes issued, on October 21, 2025. The press release also indicates that the new notes will not be registered under the Securities Act or any other applicable securities laws and may only be offered and issued to qualified institutional buyers and non-U.S. persons outside the United States. Today the company's shares have moved -4.35% to a price of $2.20. For the full picture, make sure to review Getty Images's 8-K report.
