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GE Capital is Administrative Agent on a $300 Million Credit Facility for Sotheby’s

December 20, 2012, 08:31 AM

GE Capital, Corporate Finance announced it is serving as administrative agent on a $300 million asset-based credit facility for Sotheby’s, one of the world’s leading auctioneers. GE Capital Markets served as joint lead arranger for the transaction. The loan is being used for general corporate purposes.

Founded in 1744, NY-based Sotheby’s is an auctioneer of fine art, antiques, jewelry and collectibles, primarily in the United States, the United Kingdom, Hong Kong, and France. They also provide art-related financing.

“The team at GE Capital has worked closely with us over the last three years, so they really understand our needs and objectives,” said Bill Sheridan, chief financial officer of Sotheby's. “Their knowledge of our business helped facilitate a significant increase in our credit facility, providing us with additional financing capacity and operating flexibility as we plan for the years ahead.”

“We specialize in providing our middle-market customers with smarter, business-building capital solutions,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “In addition, our ability to make significant financial commitments enables us to support existing customers with the means to foster their business objectives.”

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