Shutterfly is looking to sell $1.9 billion in junk debt to whittle down pile

GaryPageau
Getting your Trinity Audio player ready...

Personalized photo products leader Shutterfly is looking to refinance a looming debt pile with new sales of $1.875 billion of junk bonds and loans, according to Bloomberg. The Apollo Global Management Inc.-backed photo-sharing site is selling a $500 million term loan, $1.15 billion in junk bonds, and a $225 million riskier second-lien loan, according to people with knowledge of the matter. The deal comes after talks with private credit lenders lost momentum.

Barclays Plc is running both the term loan and bond sale, said the reports. A call with investors is scheduled for Monday at 1 p.m. New York time.

The loans and bonds are expected to wrap up on June 10. The deal comes after talks with private credit lenders lost momentum.

Written by 

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.