Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 6 - Debt Debt included the following:
The Company’s debt consists of various Term Loans, Senior Secured Notes, Senior Unsecured Notes and a Revolving Credit Facility. During 2025, the Company refinanced its outstanding Term Loans by incurring new 2025 Term Loans, which were used to repay the 2019 Term Loans and extend maturities. The Company completed a permitted exchange of a portion of the 2025 USD Term Loans for 11.250%, Senior Secured Notes due 2030, issued 2025 Senior Unsecured Notes, and, in connection with financing for the recently terminated merger with Shutterstock, issued 10.500% Senior Secured Notes. In relation to these prior year refinancing activities, the Company expensed $2.8 million and $6.0 million during the three and six months ended June 30, 2025 in third-party costs that did not qualify as debt issuance costs as “Other non-operating income (expense) – net”, respectively. No comparable costs were recorded during the three months and six months ended June 30, 2026. Additionally, the Company recorded a $5.5 million of “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2025. No comparable losses were recorded during the three months ended June 30, 2025 or the three and six months ended June 30, 2026. The Company maintains a $150.0 million Revolving Credit Facility maturing on May 4, 2028. On April 22, 2026, the Company drew $120.0 million from the Revolving Credit Facility, with proceeds used in part to pay the Initial Warrant Litigation judgment and associated interest. See “Note 11 - Legal Proceedings and Contingencies.” The Company drew the remaining $30.0 million from the Revolving Credit Facility in July 2026. Following termination of the Merger Agreement, Getty Images, Inc.’s 10.500% Senior Secured Notes were redeemed in accordance with a special mandatory redemption pursuant to the 10.500% Senior Secured Notes indenture dated as of October 21, 2025, with the redemption funded by amounts released from escrow. The Company was in compliance with all covenants as of June 30, 2026.
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