Milbank LLP represented the initial purchasers in connection with the $628.4 million offering of 10.500% senior secured notes due 2030 by Getty Images, Inc. The notes offering was made in connection with the previously announced proposed merger of equals between Getty Images Holdings, Inc. and Shutterstock, Inc., creating a premier visual company. The proceeds of the notes have been deposited in an escrow account and upon the release of escrow will be used to, among other things, pay cash consideration to holders of Shutterstock common stock in connection with the merger and to refinance Shutterstock indebtedness. After the closing of the merger, the notes will be guaranteed by Shutterstock and its subsidiaries and secured by their assets.
Getty Images and Shutterstock are global leaders in visual content. Getty Images, through its Getty Images, iStock, and Unsplash brands, offers a comprehensive suite of content solutions and maintains one of the world’s largest privately owned photographic archives. Shutterstock empowers businesses and creatives with a vast, diverse collection of licensable assets, cutting-edge technology and full-service production capabilities to turn ideas into impact.
The success of this offering follows Milbank’s representation of the dealer manager in the exchange offer by Getty Images.
The Milbank deal team was led by Corporate Finance and Securities partner and practice group leader Jonathon Jackson and Global Leveraged Finance partner Spencer Pepper. The deal team included Corporate Finance and Securities associates Moses Farzan Nekou, Ian Hunley and Heaven Johnson and law clerk Kim Ira, along with Global Leveraged Finance associates Lilia Chu and Madison Ailts and law clerk Alissa Masini.
