Sotheby’s increases its lending power to attract customers
As it feels pressure to increase its profits, Sotheby’s has dramatically increased the amount it can borrow in order to offer credit to clients.
GE Capital, Corporate Finance is serving as administrative and collateral agent on $1.335 billion in senior credit facilities for Sotheby’s. The new facilities include a $485 million credit line increase that will be used for growth in Sotheby’s finance business. GE Capital Markets served as joint lead arranger and joint book runner
“We’ve counted on GE Capital to provide us with the right financing when we need it,” said Michael Gillis, senior vice president and treasurer of Sotheby’s. “We value our long-term relationship and their ability to customize financing solutions for us.”
“We know how important it is for Sotheby’s to have the right capital in place to keep growth and operations moving forward,” said Bob McCarrick, chief commercial officer at GE Capital, Corporate Finance. “We strive to provide optimal flexibility and availability of financing for our customers.”