Cahill Represented the Initial Purchasers in $785 Million First-Priority Senior Secured Notes Offering for Photo Holdings Merger Sub, Inc. in connection with Photo Holdings Merger Sub, Inc.’s acquisition of Shutterfly, Inc.

September 25, 2019

Cahill represented the initial purchasers in connection with a Rule 144A offering of $785,000,000 aggregate principal amount of 8.50% first-priority senior secured notes due 2026 for Photo Holdings Merger Sub, Inc. (which was merged with and into Shutterfly, Inc.).  Proceeds from the offering were used to finance a portion of the acquisition of Shutterfly, Inc. by Photo Holdings Merger Sub, Inc.