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Sotheby’s to repay revolver with new deal proceeds
New York, Dec. 7 – Sotheby’s will repay revolving credit facility borrowings with some of the proceeds from an offering of $400 million of senior notes due 2025, the company said in a news release on Thursday.
As of Sept. 30, there were $434 million of borrowings outstanding under the revolver, according to Sotheby’s latest 10-Q filing with the Securities and Exchange Commission.
Maximum borrowing capacity is $1.1 billion, reduced from $1,335,000,000 on Oct. 2.
The revolver is an asset-based facility and matures on Aug. 22, 2020.
Most of the proceeds from the new notes will be directed toward the redemption of the company’s 5¼% senior notes due 2022, which had $300 million outstanding as of Sept. 30.
Sotheby’s is a New York-based auctioneer of art.
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