Getty Images says put option on 0.5% convertibles expires Aug. 21

By Susanna Moon

Chicago, Aug. 15 - Getty Images, Inc. said holders of its 0.5% convertible subordinated debentures, series B, due 2023 may require the company to buy back their notes on Aug. 21.

The company said it would pay par plus accrued interest to the purchase date.

Getty said the put option was triggered because of the company's merger with an affiliate of Hellman & Friedman LLC on July 2, constituting a fundamental change under terms of the indenture.

On July 22, the company said it executed a supplemental indenture for its 0.5% convertible subordinated debentures, series B, due 2023 that allows investors to continue to convert the securities.

Under the supplemental indenture, the debentures can be converted into $556.65 in cash per $1,000 principal amount, which represents the cash amount paid for Getty's common stock multiplied by the conversion rate.

Getty is a Seattle-based provider of still imagery, footage and multimedia products.

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