Barclays (BARC LN) is sounding out potential investors to help Shutterfly push out its looming debt pile, after talks with private credit lenders lost momentum, Bloomberg reports, citing sources
- The Apollo Global Management (APO)-backed photo-sharing site’s offering would include bonds that may pay a low double-digit yield.
- Apollo is expected to extend its unsecured debt holdings as part of a refinancing transaction.
- Discussions are fluid and no final decision has been made on the deal’s structure.
Context
This headline highlights Barclays' involvement in refinancing efforts for Shutterfly, indicating that talks with private lenders have stalled, which could signal challenges in securing debt. The proposal of bonds with a low double-digit yield suggests a need for attractive returns to entice investors amid possible financial strains. The fluidity of the discussions implies ongoing uncertainty, which investors should monitor closely for implications on Shutterfly's financial stability and Barclays' role in the transaction.
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