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Getty Images Elects to Rely on 30-Day Grace Periods for 2027, 2028 SUNs
Getty Images Holdings Inc. today announced that it intends to rely on the 30-day grace periods for interest payments due Sept. 1 on its 9.75% senior notes due 2027 and 14% senior notes due 2028. The company engaged Guggenheim Securities LLC as its financial advisor to evaluate balance sheet management initiatives and strategic financing alternatives intended to improve liquidity.
The evaluation of alternatives includes a potential capital solution provided by the company's majority equityholders. These equityholders have formed a group under Section 13(d)(3) of the Securities Exchange Act of 1934 to advance discussions regarding the potential solution.
The company noted that it has sufficient cash on hand to meet its day-to-day obligations and make the interest payments. The company retains the right to make the payments during the grace period, and its decision to delay does not constitute an event of default under the indentures governing the notes.
The 2027 and 2028 senior unsecured notes were issued by Getty Images, Inc.
The preceding intel was written with the assistance of AI.
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