Private credit lenders led by General Atlantic are in talks to provide approximately $2bn of debt to Shutterfly Inc, according to a report by Bloomberg citing people familiar with the matter. The proposed financing is earmarked to refinance a portion of Shutterfly’s high-yield bonds and leveraged loan exposures.
The company holds roughly $2.5bn of gross debt, and about $2.4bn of net debt, as of the end of September. Shutterfly — which was acquired by Apollo Global Management in 2019 — has significant maturities looming and is leveraging direct lending markets as a refinancing channel amid tighter bank and syndicated loan markets.
According to a Moody’s Ratings report, about 84% of Shutterfly’s debt is also expected to come due between 2026 and 2027.
