Shutterfly, Inc. Enters into $125 Million Senior Secured Revolving Credit Facility
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Shutterfly, Inc. (NASDAQ: SFLY), a leading Internet-based social
expression and personal publishing service, today announced the close of
a new, five-year $125 million senior secured revolving credit facility.
The credit facility is available for general corporate purposes
supporting the overall growth and development of the company and its
services and was undrawn at the close. As part of the terms of the
agreement, Shutterfly has the option to increase the facility by $75
million, subject to certain conditions.
"This credit facility provides us with additional flexibility and
liquidity to pursue long-term industry opportunities and better serve
our growing customer base," said Jeff Housenbold, president and chief
executive officer of Shutterfly. "The support from these high-caliber
banking institutions is a testament to our market leadership and
additional validation of the early and large markets we are targeting."
JPMorgan Chase Bank, N.A., acted as administrative agent to the
agreement, which Shutterfly closed on November 22, 2011.
J.P. Morgan Securities LLC and Wells Fargo Securities, LLC served as
joint book runners and joint lead arrangers. The facility also included
commitments from Fifth Third Bank, Silicon Valley Bank, US Bank and
Citibank, N.A. Material terms and conditions of the credit facility will
be described in the company's filings with the Securities and Exchange
Founded in 1999, Shutterfly, Inc. is an Internet-based social expression
and personal publishing company and operates Shutterfly.com, TinyPrints.com and Weddingpaperdivas.com. Shutterfly provides
high quality products and world class services that make it easy,
convenient and fun for consumers to preserve their digital photos in a
creative and thoughtful manner. Shutterfly's flagship product is its
award-winning photo book line, which helps consumers celebrate memories
and tell their stories in professionally bound coffee table
books. Shutterfly was recently named one of the top 25 Best Midsized
Companies to Work For by the Great Place to Work Institute.
Michael Look, 650-610-5910
Source: Shutterfly, Inc.
News Provided by Acquire Media
Close window | Back to top