Koch Equity Development and the Getty Family commit to equity investment of up to $533 million in Getty Images
Client(s) Koch Equity Development
Jones Day is advising Koch Equity Development in the investment with the Getty Family of up to $533 million of new equity in Getty Images Holdings, Inc. (OTCPK: GETY), a preeminent global visual content creator and marketplace.
Under the Restructuring Support Agreement ("RSA"), members of the Getty Family, through certain of their affiliated entities, and affiliates of Koch Equity Development (“KED”) (together, the “Equity Investors”) have committed to invest up to $533 million of new equity, noteholders representing 83.5% of the Company’s unsecured bonds have agreed to significantly reduce outstanding debt through the retirement of $270 million of outstanding senior unsecured notes, and holders representing approximately 89% of the Company’s secured bonds and term loans, and 100% of revolving credit facility lenders have agreed to reduce interest obligations and extend debt maturities on the Company’s secured debt. The RSA is the successful culmination of collaborative discussions with key stakeholders across the Company’s capital structure. Upon completion of the restructuring, Getty Images will become a privately held company, with the Equity Investors owning 100% of the reorganized Company upon emergence.
