Sotheby’s to sell $400 million eight-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., Dec. 7 – Sotheby’s plans to price a $400 million offering of eight-year senior notes (existing ratings Ba3/B+) in a Thursday drive-by trailing a mid-morning conference call with investors, according to a syndicate source.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC is the joint bookrunner. BofA Merrill Lynch and HSBC Securities are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon.

The New York-based art auction company plans to use the proceeds to pay off its 5¼% senior notes due 2022 and for general corporate purposes, primarily the repayment or reduction of borrowings under the Sotheby's Financial Services credit agreement.

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