Sotheby's seeks to increase revolver by $50 million

By Sara Rosenberg

New York, May 9 - Sotheby's Holdings Inc. is working to upsize its revolving credit facility to $300 million from $250 million, according to a 10-Q filed with the Securities and Exchange Commission Tuesday.

The additional revolver commitments are expected to come from the company's existing syndicate of loan lenders.

Banc of America Securities LLC and LaSalle Bank acted as lead arrangers on the existing revolver that is due on Sept. 7, 2010 and carries an interest rate of Libor plus 175 basis points.

The incremental debt transaction is expected to close by the end of this month.

Sotheby's is a Bloomfield Hills, Mich.-based company involved in the auction of authenticated fine art, decorative arts and collectibles.

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