Daily News: August 29, 2014

GE Capital, Corporate Provides Sotheby’s $850MM in Facilities

GE Capital, Corporate Finance today announced it is providing auction house Sotheby’s with $850 million in senior credit facilities. The new facilities include a $250 million credit line increase and will be used for general working capital and to support the company’s business strategy. GE Capital Markets served as joint lead arranger and joint book runner on the facilities.

“We have had a very successful relationship with GE Capital and knew they would be able to help us with our growth plans,” said Michael Gillis, SVP and treasurer of Sotheby’s. “We appreciate their ability to meet our changing needs with flexible financing through a thorough understanding of our business model.”

“As Sotheby’s looks to execute on their business plan, we’ve provided a solution that would have an immediate and longer-term benefit,” said Bob McCarrick, chief commercial officer, lending at GE Capital, Corporate Finance. “We customize our financial solutions to meet the unique needs of our mid-size customers.”

Founded in 1744, New York City-headquartered Sotheby’s is one of the world’s largest auctioneers of authentic fine art, antiques, jewelry and collectibles.