Sotheby’s announced that the company has amended and extended its revolving credit facility led by GE Capital, Corporate Finance.
The amendment will extend the maturity date of the facility an additional three years to December, 2017 and will increase borrowing capacity to $300 million from $200 million. Borrowing costs under the facility have also been reduced.
“The renewal and extension of this credit facility is good news for Sotheby’s and our shareholders,” said Bill Sheridan, Sotheby’s chief financial officer. “We are very pleased that our current and new lenders have recognized the solid financial performance of Sotheby’s and have increased their commitment by $100 million as well as agreed to more flexibility with respect to covenants and borrowing base.”