GE Capital, Corporate Finance today announced it is serving as
administrative and collateral agent on $1.335 billion in senior credit
facilities for auction house Sotheby’s (NYSE:BID). The new facilities
include a $485 million credit line increase that will be used for growth
in Sotheby’s finance business. GE Capital Markets served as joint lead
arranger and joint book runner on the facilities.
Founded in 1744, Sotheby’s is one of the world’s largest auctioneers of
authentic fine art, antiques, jewelry and collectibles. Headquartered in
New York City, it serves discerning clients from around the world.
Sotheby’s has been a GE Capital customer since 2009.
“We’ve counted on GE Capital to provide us with the right financing when
we need it,” said Michael Gillis, senior vice president and treasurer of
Sotheby’s. “We value our long-term relationship and their ability to
customize financing solutions for us.”
“We know how important it is for Sotheby’s to have the right capital in
place to keep growth and operations moving forward,” said Bob McCarrick,
chief commercial officer at GE Capital, Corporate Finance. “We strive to
provide optimal flexibility and availability of financing for our
customers.”
About GE Capital, Corporate Finance
GE
Capital, Corporate Finance provides asset-based, cash flow and
structured loans and leases to mid-size and large U.S. businesses
expanding in North America, Asia and Europe. Financing supports working
capital, growth, acquisitions, turnarounds and balance sheet
optimization in key sectors: Aerospace; automotive and transportation;
chemicals and plastics; construction and building products, corporate
aircraft; oil and gas; food and beverage; manufacturing; marine; metals
and mining; paper, packaging and forest products; retail; and technology
and electronics. With Access GE, clients also benefit from access to
GE’s best practices to help build their business. Visit geccf.com/newsroom
or follow @GELendLease
on Twitter.
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit gecapital.com
or follow company news via Twitter (@GECapital). GE (NYSE:GE) works on
things that matter. The best people and the best technologies taking on
the toughest challenges. Finding solutions in energy, health and home,
transportation and finance. For more information, visit ge.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150617005162/en/
Copyright Business Wire 2015