$1.875 billion of new financing is being marketed by Shutterfly to refinance looming debt, with the Apollo Global Management-backed company turning to broadly syndicated markets.
The package includes a $500 million term loan, $1.15 billion of junk bonds and a $225 million second-lien loan, adding a riskier tranche to complete the refinancing.
Private credit had been an alternative route, but those lender talks lost momentum, pushing Shutterfly toward the bond and loan sale instead.
As private lenders shun AI risk, can public markets correctly price the future of a company like Shutterfly?
Is Shutterfly's debt crisis the first domino to fall for tech buyouts from the cheap money era?