NEW YORK, Dec. 21, 2010 /PRNewswire-FirstCall/ -- Sotheby's (NYSE: BID) today announced the expiration, as of 11:59 p.m., New York City time, on December 20, 2010 (the "Expiration Date"), of its previously announced modified "Dutch auction" tender offer (the "Tender Offer") for up to $50,000,000 of its outstanding 7.75% Senior Notes due 2015 (the "Notes"). The Tender Offer was made pursuant to Sotheby's Offer to Purchase for Cash, dated November 22, 2010, and the accompanying Letter of Transmittal (together, the "Offer Documents"). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Offer Documents.
An aggregate principal amount of $48,279,000 Notes were validly tendered (and not validly withdrawn) on or before the Expiration Date. Sotheby's will accept for purchase all Notes validly tendered (and not validly withdrawn). The principal amount of Notes being accepted for purchase represents 37.64% of the principal amount of Notes outstanding.
Holders of Notes validly tendered (and not validly withdrawn) on or before 5:00 p.m., New York City time, on December 6, 2010 (the "Early Tender Date") will receive the Total Consideration for their Notes of $1,100 per $1,000 principal amount of Notes. Holders of Notes validly tendered (and not validly withdrawn) after the Early Tender Date, but prior to the Expiration Date, will receive the Total Consideration for such Notes, less an early participation amount of $30 per $1,000 principal amount of Notes. In addition, Sotheby's will pay accrued and unpaid interest on the Notes accepted for purchase, up to, but excluding the date of payment of the applicable consideration.
Sotheby's expects to make payment for Notes tendered and accepted for purchase today. Any Notes tendered but not accepted for purchase will be returned to Holders.