GE Capital Leads $200 Million Credit Facility to Sotheby’s

GE Capital, Corporate Finance today announced it led a $200 million asset-based credit facility to Sotheby’s (NYSE: BID), a leading provider of art auctions, private sales and art-related financing. GE Capital Markets served as lead arranger. The loan will be used for working capital needs.

Founded in 1744, NY-based Sotheby’s is an auctioneer of fine art, antiques, jewelry and collectibles primarily in the United States, the United Kingdom, Hong Kong, and France.

"GE arranged the facility and provided a structure that maximized our borrowing capacity,” said William Sheridan, chief financial officer of Sotheby’s. “The new credit facility provides the company with greater financial flexibility for working capital and strategic opportunities.”

“Providing financing solutions to support our clients unique needs is something we specialize in,” said Tom Quindlen, president & CEO of GE Capital, Corporate Finance. “We worked closely with Sotheby’s to structure a facility that provided them with smarter liquidity to help meet their business objectives.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance is one of the largest providers of asset-based, cash flow and structured loans and leases for mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace & Defense, Automotive & Transportation, Chemicals & Plastics, Corporate Aircraft, Financial & Business Services, Food, Beverage & Agribusiness, Government Finance, Marine, Metals & Mining, Paper, Packaging & Forest Products, Retail, Technology & Electronics. Visit gelending.com/clnews.

About GE Capital

GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.