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.

Also, Janus International Group emerged in the morning with plans to launch in the afternoon an incremental first-lien term loan, and price talk on the debt was announced in conjunction with the call.

Getty sets changes

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.

As before, the euro loan has an original issue discount of 98, and both term loans have a 0% floor and 101 soft call protection for six months.

Books closed at 4 p.m. ET on Wednesday, the source added.

J.P. Morgan Securities LLC is leading the deal.

Getty refinancing

Proceeds from Getty Images’ term loans will be used to help refinance its balance sheet in connection with its acquisition by the Getty family from the Carlyle Group.

The refinancing will also be funded with $300 million of notes, which were reduced from $400 million with the euro term loan upsizing, a $100 million common equity investment from the Getty family and Koch Equity Development LLC and a $500 million preferred equity investment from Koch Equity.

Getty Images is a visual communications company.

Janus seeks incremental

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.

UBS Investment Bank is leading the deal that will be used to support several tuck-in acquisitions.

Janus is a Temple, Ga.-based manufacturer of roll up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

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