Shutterfly, LLC announced the launch of a debt exchange offer and consent solicitation for eligible noteholders, as detailed below. Pursuant to a Transaction Support Agreement entered into by the Company and consenting noteholders and lenders, including JP Morgan Asset Management, Sixth Street, and other institutional investors, who represent approximately 74% of the aggregate principal amount of Existing Notes and more than 80% of the aggregate principal amount of Existing Term Loans, the Exchange Offer will be offered pro rata to all eligible holders of Existing Notes, and the Company intends to consummate a similar exchange with respect to its Existing Term Loans. As a result of the Refinancing Transactions (as defined below), the Company expects to raise approximately $200 million of additional debt financing, extend existing debt maturities, and meaningfully improve liquidity.

The Refinancing Transactions support the Company's ability to expand its position as a leading e-commerce provider of personalized merchandise.