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Getty Images switches banks to sound out debt investors
Bill Weisbrod
+Zilong Xiao
•1 min read
Getty Images is working with Goldman Sachs for ongoing lender education as it faces 2026 and 2027 debt maturities, sources told 9fin.
The engagement comes after the stock photo company in February tried to syndicate a $1.38bn seven-year term loan B via JP Morgan. But that deal was pulled due to what the company called “interest savings below expectations.” The threat of generative artificial intelligence and its ability to produce images on demand also loomed over the syndication.
The JPM-led TLB effort in February was talked at SOFR+375bps for a US dollar tranche and Euribor+400bps for a Euro tranche, with an OID in the 99-99.5 range.
Getty was levered 4.2x as of 31 March 2024, based on $1.27bn in net debt and $305m in adjusted LTM EBITDA.
Getty’s existing debt tranches are all currently quoted around par. Its shares closed today at $3.25 for a market cap of $1.3bn, down 38% year to date.
Getty Images, Goldman Sachs and JP Morgan declined to comment.
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