Fotolia hopes new deal will be picture perfect
American stock photo website Fotolia has opened a new cross-border $300m loan to refinance its existing debt and for a dividend recapitalisation. The debt package is expected to comprise a $200m first lien loan denominated in dollars, and a second lien facility of $100m-equivalent denominated in euros.
The maturities of the two pieces will be between seven and 7-1/2 years.
The money raised will serve to refinance Fotolias existing debt, fund dividends to shareholders, retain some cash on the companys balance sheet and pay fees and expenses related to the transaction.
Fotolias net first lien and
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