Shutterfly launches $1.02 billion term loan at Libor plus 500 bps

By Sara Rosenberg

New York, June 24 – Shutterfly LLC launched on its call on Thursday a $1.023 billion senior secured term loan due Sept. 25, 2026 with price talk of Libor plus 500 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for one year and amortization of 1% per annum, the source said.

Barclays is the left bookrunner and administrative agent on the deal.

Commitments are due at 5 p.m. ET on June 30, the source added.

Proceeds will be used to fund the acquisition of Spoonflower, a Durham, N.C.-based marketplace connecting makers and consumers with artists, for about $225 million and to refinance existing debt.

Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.

Apollo Global Management LLC is the sponsor.

Shutterfly is a Redwood City, Calif.-based manufacturer and seller of customizable photo-based products and services.

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