On October 3, 2025, Getty Images Holdings, Inc. announced the early results of its exchange offer, which allows holders of its unsecured 9.750% Senior Notes due 2027 (the “Old Notes”) to exchange them for newly issued unsecured 14.000% Senior Notes due 2028 (the “New Notes”). The exchange offer and consent solicitation were originally announced on September 18, 2025, and the company has now received the requisite consents to adopt the proposed amendments to the Old Notes indenture.
The company confirmed that the supplemental indenture containing the proposed amendments will become effective upon execution, but will not take effect until the Old Notes that are validly tendered are accepted for exchange and paid for by the issuer. Eligible holders of Old Notes are entitled to a total consideration of $1,000 in New Notes, which includes an early‑tender premium of $50 in New Notes per $1,000 of Old Notes tendered. The accrued and unpaid interest on the Old Notes will be paid in cash on the settlement date of the exchange offer.
Getty Images expects to settle the exchange offer and issue the New Notes on October 21, 2025, thereby reducing its long‑term debt exposure and providing a higher coupon rate on the new notes. The transaction is a significant financing event that will affect the company’s debt maturity profile and interest expense, and it is the first substantive update on the exchange offer since its announcement.
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