NewswireToday - /newswire/ -
Chicago, IL, United States, 2014/08/28 - GE Capital, Corporate Finance announced it is providing auction house Sotheby’s with $850 million in senior credit facilities [NYSE: BID] - Sothebys.com / GECCF.com. NYSE: GE
The new facilities include a $250 million credit line increase and will be used for general working capital and to support the company’s business strategy. GE Capital Markets served as joint lead arranger and joint book runner on the facilities.
Founded in 1744, Sotheby’s is one of the world’s largest auctioneers of authentic fine art, antiques, jewelry and collectibles. Headquartered in New York City, it serves discerning clients from around the world. Sotheby’s has been a GE Capital customer since 2009.
“We have had a very successful relationship with GE Capital and knew they would be able to help us with our growth plans,” said Michael Gillis, senior vice president and treasurer of Sotheby’s. “We appreciate their ability to meet our changing needs with flexible financing through a thorough understanding of our business model.”
“As Sotheby’s looks to execute on their business plan, we’ve provided a solution that would have an immediate and longer-term benefit,” said Bob McCarrick, chief commercial officer lending at GE Capital, Corporate Finance. “We customize our financial solutions to meet the unique needs of our mid-size customers.”
About GE Capital, Corporate Finance
GE Capital, Corporate Finance (geccf.com) provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses expanding in North America, Asia and Europe. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; oil and gas; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance.