CHICAGO--(BUSINESS WIRE)--GE Capital, Corporate Finance today announced it is serving as administrative and collateral agent on $1.335 billion in senior credit facilities for auction house Sotheby’s (NYSE:BID). 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.”
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 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. 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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