Getty Images Plans To Offer $628.4 Mln Of Senior Secured Notes

(RTTNews) - Getty Images Holdings, Inc. (GETY), Monday announced that its indirect wholly owned subsidiary, Getty Images, Inc., plans to launch offering of $628.4 million of senior secured notes due 2030.

This offering is in connection with the previously announced proposed merger with Shutterstock, Inc.

The company stated that an amount equal to the gross proceeds 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.

Later, the company will use the net proceeds to pay approximately $350 million of expenses related to merger with Shutterstock, and remaining will be utilized to refinance certain indebtedness to the latter.

In the pre-market hours, GETY is trading at $2.01, down 0.49 percent on the New York Stock Exchange.