Sotheby’s extended a credit agreement originally dated August 22, 2014, with an international syndicate of lenders. On July 22, 2016, the incremental facility maturity date was extended by one year to August 22, 2017, in accordance with the terms of the credit agreement.

Wells Fargo served as administrative agent, collateral agent and a lender on the original transaction. Wells Fargo, J.P. Morgan Securities and HSBC served as joint lead arrangers and joint bookrunners.

The facility provides for separate dedicated revolving credit facilities for its agency segment and Sotheby’s Financial Services. The amended credit agreement has a maturity date of August 22, 2020.

The maximum aggregate borrowing capacity of the credit agreement, which is subject to a borrowing base, is approximately $1.335 billion, with $300 million committed to the agency segment and $1.035 billion committed to SFS. The borrowing capacity of the agency credit facility includes a $50 million incremental revolving credit facility with higher advance rates against certain assets and higher commitment and borrowing costs.