Koch Equity Development and the Getty family have agreed to take Getty Images private, committing up to $533m of new equity under a restructuring support agreement with the company's main creditors.
Under the restructuring support agreement, affiliates of Koch Equity Development and Getty family entities will together own 100% of the reorganised company when it emerges. Koch's investment arm will also provide up to $143m of financing to fund the business through the process, alongside cash from operations.
Creditors have agreed to substantial concessions. Holders of 83.5% of Getty's unsecured bonds will retire $270m of senior unsecured notes. Meanwhile, holders of around 89% of its secured bonds and term loans, and all of its revolving credit lenders, have agreed to lower interest costs and longer maturities.
Source: PE Insights · Summarized by HeadlinesBriefing