Shutterfly Raises $500 Million in New Debt Facilities

Shutterfly, a retailer of personalized products, said late Thursday that it has secured a $300 million senior secured delayed draw term loan B which was issued at a 50-basis-point discount to par value and will bear interest at Libor plus 250 basis points. The term loan has a maturity of seven years and delayed draw period of up to six months.

Concurrently, the company raised a new $200 million senior secured revolving credit facility, replacing its existing $200 million revolver. The new facility bears interest at Libor plus 175 basis points and will mature in 2022.

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