FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


GE Capital Agents $600MM in Financings to Sotheby’s

February 19, 2014, 07:46 AM
Filed Under: Auctioneer

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 book runner on the facilities.

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

“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.”

GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses.  Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.