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Sotheby's borrows $110 million under its finance credit agreement
By Tali Rackner
Norfolk, Va., April 15 - Sotheby's borrowed $110 million under its finance credit agreement maturing Feb. 13, 2019, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to fund growth in the finance segment loan portfolio and, to a lesser extent, to continue the process of debt financing existing loans in accordance with Sotheby's capital allocation policies.
Following the Monday borrowing, total outstanding borrowings under the finance credit agreement is $295 million, and, as of Tuesday, the balance of the finance segment loan portfolio is about $564 million.
Sotheby's is a New York-based company that engages in art auction, private sales and art-related financing activities.
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