This new funding came at from CC Neuberger II affiliate Multiply Group under the same $10 per share terms as the existing PIPE. Between the PIPE and the SPAC’s $200 million in forward purchase agreements, the deal now includes $425 million in committed funding.
CC Neuberger II does not need to bring in more funding like this in order to satisfy a minimum cash condition, but the transaction is designed largely to ease Getty’s debt load while returning it to the public markets as it looks to roll up peers. An updated investor presentation filed this morning shows Getty plans to pay down $75 million in additional debt with the new funding, for a total of $1.24 billion expected to be wiped off its books through the deal.
The parties initially announced their $4.8 billion combination on December 10. Seattle-based Getty serves about 1 million customers, licensing them visual content from about 450,000 contributors covering about 160,000 news, sport and entertainment events annually.