Sotheby's redeems 6.98% notes

By Devika Patel

Knoxville, Tenn., July 21 - Sotheby's used a portion of the funds raised in a $350 million sale of 3.125% secured convertible notes due 2013 and 7.75% senior notes due 2015 to redeem its 6.98% senior unsecured notes due February 2009, according to an 8-K filed Friday with the Securities and Exchange Commission.

The total paid to redeem the notes was $105.7 million, which includes $102.5 million for the present value of the remaining principal and interest and $3.2 million for accrued interest through the date of redemption.

New York-based Sotheby's is an art auction and art-related financing company.

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