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Sotheby's Prices $300 Million Of Senior Notes Due 2022

NEW YORK, Sept. 21, 2012 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) today announced the pricing of $300 million of its senior unsecured notes due 2022 through an offering to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons under Regulation S under the Securities Act. The closing of the offering is expected to occur on or about September 27, 2012.

The notes will be sold to investors at a price of 100% of the principal amount thereof, plus accrued interest from September 27, 2012. The notes will pay interest semiannually at a rate of 5.25% per annum and will mature on October 1, 2022. 

Sotheby's expects to use the net proceeds from this offering to redeem all of its outstanding 7.75% Senior Notes due 2015 at the make-whole premium specified in the indenture governing those notes and for general corporate purposes, including the potential repayment of other existing indebtedness.

The notes have not been registered under the Securities Act or any state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the third business day before the delivery of the notes will be required, by virtue of the fact that the notes initially will settle on a delayed basis, to agree to a delayed settlement cycle at the time of any trade to prevent a failed settlement. Purchasers of the notes who wish to make such trades should consult their own advisors.

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