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


GE Capital Provides $850MM in Senior Credit Facilities to Sotheby’s

August 29, 2014, 07:52 AM
Filed Under: Specialty Industries

GE Capital, Corporate Finance 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.

Founded in 1744, Sotheby's is one of the world's largest auctioneers of authentic fine art, antiques, jewelry and collectibles. Headquartered in New York City, it serves discerning clients from around the world. Sotheby's has been a GE Capital customer since 2009.

"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, senior vice president 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."

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

Week's News

Comments From Our Members

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