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GE Capital Agent on $1.33B in Senior Credit Facilities to Sotheby’s

June 18, 2015, 07:52 AM
Filed Under: Auctioneer

GE Capital, Corporate Finance announced it is serving as administrative and collateral agent on $1.335 billion in senior credit facilities for auction house Sotheby’s. The new facilities include a $485 million credit line increase that will be used for growth in Sotheby’s finance business. 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’ve counted on GE Capital to provide us with the right financing when we need it,” said Michael Gillis, senior vice president and treasurer of Sotheby’s. “We value our long-term relationship and their ability to customize financing solutions for us.”

“We know how important it is for Sotheby’s to have the right capital in place to keep growth and operations moving forward,” said Bob McCarrick, chief commercial officer at GE Capital, Corporate Finance. “We strive to provide optimal flexibility and availability of financing for our 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.

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