Exhibit 99.1
[LOGO OF GETTY IMAGES APPEARS HERE]
GETTY IMAGES ENTERS INTO AGREEMENT TO SELL $240 MILLION
CONVERTIBLE SUBORDINATED DEBENTURES DUE 2023
SEATTLE—June 4, 2003—Getty Images, Inc. (NYSE: GYI) today announced that it has entered into an agreement to sell $240 million aggregate principal amount of 0.5% Convertible Subordinated Debentures due 2023 (the “Debentures”).
The Debentures will be convertible for shares of Getty Images common stock based on an initial effective conversion price of $61.08, subject to adjustment. Getty Images may raise up to an additional $25 million upon exercise of an option granted to the initial purchasers in connection with the offering. Getty Images intends to use the proceeds from the sale of the Debentures to redeem its existing 5% Convertible Subordinated Notes due 2007 in accordance with the terms of the indenture governing such notes and for general corporate purposes. Getty Images does not intend to exercise its redemption rights with respect to its existing 5% Convertible Subordinated Notes due 2007 until the sale of the Debentures closes. There can be no assurance that Getty Images will close the sale of the Debentures. The offering is expected to close on June 9, 2003, subject to customary closing conditions.
The Debentures will be issued in a private placement and are expected to be resold by the initial purchasers to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended.
Neither the Debentures nor the shares of Getty Images common stock issuable upon conversion of the Debentures have been registered under the Securities Act of 1933 or any state securities laws, and until so registered, may not be offered or sold by the holders thereof without registration unless an applicable exemption from registration is available.
Forward Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, assumptions and projections about Getty Images and its industry as of the time the statements are made. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause our actual results to differ materially from our past performance and our current expectations, assumptions and projections. Differences may result from actions taken by the company as well as from risks and uncertainties beyond the company’s control. These risks and uncertainties include, among others, the risks associated with changes in the economic, political, competitive and technological environments, and the risks associated with system security and service interruptions. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review the reports filed by Getty Images with the Securities and Exchange Commission, in particular our Annual Report on Form 10-K for the year ended December 31, 2002 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. Except as required by law, Getty Images undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or other events.
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Getty Images
06/03/03
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About Getty Images
Getty Images is the world’s leading imagery company, creating and providing the largest and most relevant collection of still and moving images to communication professionals around the globe. From sports and news photography to archival and contemporary imagery, Getty Images’ products are found each day in newspapers, magazines, advertising, films, television, books and Web sites. Getty Images’ Web site,www.gettyimages.com, is the first place customers turn to search, purchase and download powerful imagery. Seattle-headquartered Getty Images is a global company, and has customers in more than 50 countries.
Contacts:
Investors: | | Media: |
Kira Bacon | | Deb Trevino |
Vice President of Investor Relations | | Vice President of Corporate Communications |
206.925.6448 | | 206.925.6474 |
kira.bacon@gettyimages.com | | deb.trevino@gettyimages.com |
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