GE Capital Is Administrative Agent On A $300 Million Credit Facility For Sotheby's

GE Capital, Corporate Finance today announced it is serving as administrative agent on a $300 million asset-based credit facility for Sotheby’s, one of the world’s leading auctioneers (NYSE: BID). GE Capital Markets served as joint lead arranger for the transaction. The loan is being used for general corporate purposes.

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. They also provide art-related financing.

“The team at GE Capital has worked closely with us over the last three years, so they really understand our needs and objectives,” said Bill Sheridan, chief financial officer of Sotheby's. “Their knowledge of our business helped facilitate a significant increase in our credit facility, providing us with additional financing capacity and operating flexibility as we plan for the years ahead.”

“We specialize in providing our middle-market customers with smarter, business-building capital solutions,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “In addition, our ability to make significant financial commitments enables us to support existing customers with the means to foster their business objectives.”

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 gelending.com/clnews or follow @GELendLease on Twitter.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit ge.com.

Copyright Business Wire 2010

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