NORWALK, Conn.--(BUSINESS WIRE)--GE Capital, Corporate Finance today announced it is serving as administrative and collateral agent on $600 million in senior credit facilities for auction house Sotheby’s, (NYSE: BID) . 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.”
About GE Capital, Corporate Finance
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. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit geccf.com/newsroom or follow @GELendLease on Twitter.
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