General Atlantic Leads $2 Billion Shutterfly Private Credit Deal

Private credit lenders led by General Atlantic are in talks to provide about $2 billion of debt to Shutterfly, according to people with knowledge of the matter.

Proceeds would refinance some of the custom photo company’s high-yield bonds and leveraged loans, the people said, asking not to be identified discussing a private transaction. The company has about $2.5 billion of gross debt — or $2.4 billion of net debt — through the end of September, one of the people added.