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Holders of Getty Images' Debentures Exercise Right to Require Purchase.


SEATTLE -- As previously announced, in connection with the merger of Getty Images, Inc. with an affiliate of Hellman & Friedman LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 that was completed on July 2, 2008, holders of Getty Images' 0.5% Convertible Subordinated Debentures subordinated debenture

An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before
, Series B due 2023 (the "Debentures") (which had not already been repurchased by the company) had the right to require Getty Images to purchase their Debentures on August 21, 2008, the thirty-fifth business day after the merger, for a purchase price equal to the principal amount of such Debentures plus any accrued and unpaid interest to but not including the Purchase Date (the "Put Option"), in accordance with the terms of the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading.

The term indenture primarily describes secured contracts and has several applications in U.S. law.
 governing the Debentures. As of 5:00 p.m. Eastern Daylight Time on August 21, 2008, the deadline for holders to submit notices of election to exercise the Put Option, holders of $22,000 aggregate principal amount of the Debentures had submitted such notices. The purchase price for Debentures as to which purchase notices were validly given and not withdrawn was paid on August 22, 2008. After the closing of the Put Option, Debentures having an aggregate principal amount of $3.546 million remained outstanding.

Additional Information and Where to Find It

Getty Images filed the indenture governing the Debentures with the Securities and Exchange Commission on March 10, 2006, as an exhibit to its amended Annual Report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the fiscal year ended December 31, 2005. In connection with the merger, Getty Images filed a proxy statement Proxy Statement

A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting.
 with the Securities and Exchange Commission on May 22, 2008 under the New York Stock Exchange New York Stock Exchange (NYSE)

World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City.
 symbol GYI GYI Ghetto Youths International (record label; Miami, FL) . Investors and security holders may obtain a free copy of the indenture, the proxy statement and other documents filed by Getty Images, without charge, by written or telephonic request directed to Getty Images, Inc., 601 North 34th Street, Seattle, Washington This page is protected from moves until disputes have been resolved on the .
The reason for its protection is listed on the protection policy page.
 98103, attn: Jeffrey Dunn, telephone 206-925-6535, or on our website at http://www.gettyimages.com or from the Securities and Exchange Commission through the Securities and Exchange Commission's website at http://www.sec.gov.

About Getty Images

Getty Images is the world's leading creator and distributor of still imagery, footage and multimedia products, as well as a recognized provider of other forms of premium digital content See premium content. , including music. Getty Images serves business customers in more than 100 countries and is the first place creative and media professionals turn to discover, purchase and manage images and other digital content. Its award-winning photographers and imagery help customers produce inspiring work which appears every day in the world's most influential newspapers, magazines, advertising campaigns, films, television programs, books and Web sites. Visit Getty Images at http://www.GettyImages.com to learn more about how the company is advancing the unique role of digital media communications and business, and enabling creative ideas to come to life.

The information contained in this press release is neither an offer to purchase nor a solicitation to sell securities of Getty Images.
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Copyright 2008 Gale, Cengage Learning. All rights reserved.

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Publication:Business Wire
Date:Aug 22, 2008
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