The parties did not disclose redemption figures in either their press release or initial 8-K on the vote. But, CC Neuberger II supplemented its $831 million trust with a $200 million forward purchase agreement (FPA) and a $300 million backstop at deal announcement.
It secured an additional $75 million for the PIPE back in December and the deal did not include a minimum cash condition for the SPAC beyond listing requirements, while placing limits on Getty’s debt levels at close.
CC Neuberger II hopes to ease Getty’s debt load through the transaction while also returning it to public markets as it looks to roll up peers. An updated investor presentation from December revealed that Getty expects to pay down $75 million in additional debt through the recent financing for a total of $1.24 billion to be wiped off its books through the deal.
The deal is now expected to close July 22, after which the combined company’s shares and warrants are to trade on the NYSE under the symbols “GETY” and “GETY.WS”, respectively.
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.
- Rothschild & Co is serving as lead financial advisor to CC Neuberger Principal Holdings II,
- Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as capital markets advisors to CC Neuberger Principal Holdings II
- Solomon Partners served as a financial advisor providing a fairness opinion to the Board of CC Neuberger.
- Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Getty Images.
- Weil Gotshal & Manges LLP is acting as legal counsel to Getty Images
- Kirkland & Ellis LLP is acting as legal counsel to CC Neuberger.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel and Berenson & Company LLC is acting as financial advisor to the Getty Family.
- Jones Day is acting as legal counsel and PJT Partners is acting as financial advisor to Koch Equity Development.
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...
LatAmGrowth SPAC (NASDAQ:LATG) announced in a filing this morning that it will once adjourn its special meeting to liquidate early a second time and will reconvene it at October 5. The proposals on its ballot would initiate the process of winding down the SPAC and return all trust capital to investors outside of $100,000 for...
Jaguar Global (NASDAQ:JGGC) announced this morning that its shareholders approved its combination with glass-maker GLAAM at a special meeting September 27. The parties have not yet released redemption figures or a timeline to close, but the combined company is expected to change its name to Captivision. Upon close its shares and warrants are to trade...