GE Capital leads $200 million credit facility to Sotheby’s
05 Sep 2009
GE Capital, corporate finance, today announced that it had led a $200-million asset-based credit facility to Sotheby's, a leading provider of art auctions, private sales and art-related financing.
GE Capital Markets served as lead arranger. The loan will be used for working capital needs.
Founded in 1744, NY-based Sotheby's is an auctioneer of fine art, antiques, jewelry and collectibles primarily in the United States, the United Kingdom, Hong Kong, and France.
"GE arranged the facility and provided a structure that maximised our borrowing capacity,'' said William Sheridan, chief financial officer of Sotheby's. ''The new credit facility provides the company with greater financial flexibility for working capital and strategic opportunities.''
''Providing financing solutions to support our clients unique needs is something we specialise in,'' said Tom Quindlen, president and CEO of GE Capital, corporate finance. ''We worked closely with Sotheby's to structure a facility that provided them with smarter liquidity to help meet their business objectives.''
GE Capital, corporate finance, is one of the largest providers of asset-based, cash flow and structured loans and leases for mid-size and large US businesses. GE Capital offers consumers and businesses around the globe an array of financial products and services.
