Bloomberg: Shutterfly sweetens debt deal

Gary Pageau , ,

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Bloomberg reports U.S. personalized photo products leader Shutterfly has sweetened terms on a portion of its previously announced debt refinancing, in a bid to calm the nerves of investors concerned about potential AI disruption and widening losses.

The Apollo Global Management Inc.-backed firm offered creditors a raft of concessions on its $1.15 billion junk bond, according to documents seen by Bloomberg. Among the sweeteners, Shutterfly materially restricted its ability to pay dividends, make investments and ship money beyond investors’ reach, the documents showed.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.