Getty Images deal revisions surface; Janus approaches lenders with incremental term loan

By Sara Rosenberg

New York, Feb. 13 – Getty Images Inc. reduced the size of its U.S. term loan B, increased the size of its euro term loan B, firmed spreads on both tranches at the low end of guidance and tightened the original issue discount on the U.S. piece.

Getty Images trimmed its U.S. seven-year covenant-light term loan B to $1.04 billion from $1,085,000,000, finalized pricing at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, and moved the original issue discount to 98.5 from 98, according to a market source.

Furthermore, the company raised its euro seven-year covenant-light term loan B to €450 million from €315 million and firmed pricing at Euribor plus 500 bps, the tight end of the Euribor plus 500 bps to 525 bps talk, the source said.

Also, Janus International Group hosted a lender call at 2 p.m. ET on Wednesday to launch a non-fungible $75 million incremental first-lien term loan that is talked at Libor plus 450 bps with an original issue discount of 98.5 and 101 soft call protection for one year, a market source remarked.

Commitments are due on Feb. 21, the source added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.