Sotheby's talks $300 million 10-year note sale with 5¼% area yield

By Paul A. Harris

Portland, Ore., Sept. 20 - Sotheby's talked its $300 million offering of 10-year senior notes (Ba3/BB) with a yield in the 5¼% area, a market source said on Thursday.

The deal is expected to price on Friday.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with five years of call protection.

Proceeds will be used to redeem the company's 7¾% senior notes due 2015 at the make-whole price and for general corporate purposes, including the potential repayment of other debt.

Sotheby's is a New York-based company that engages in art auction, private sales and art-related financing activities.

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