Daily News: February 19, 2014

GE Capital Agents $600MM Sotheby’s Facilities

GE Capital, Corporate Finance announced it is serving as administrative and collateral agent on $600 million in senior credit facilities for auction house Sotheby’s. The financing will be used for working capital and general corporate purposes. GE Capital Markets served as joint lead arranger and joint bookrunner on the facilities.

“GE Capital has a thorough understanding of our business model and capital requirements,” said Patrick McClymont, CFO, Sotheby’s. “We value their ability to play a lead role in helping us capitalize on today’s strong credit markets and grow our business.”

“Sotheby’s has been a highly valued relationship for us since 2009,” said Bob McCarrick, chief commercial officer—lending at GE Capital, Corporate Finance. “Helping mid-size companies over the long term find financing to support domestic and international growth is our specialty.”

Auctioneers since 1744, Sotheby’s today is a global art business, offering auction salesrooms, private selling galleries, retail diamonds and wine, financing, multiplatform digital access and art education to discerning clients around the world.