Sotheby's Announces Proposed Offering of $300 Million of Senior Notes Due 2022
NEW YORK, Sept. 18, 2012 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) is proposing
to offer and sell, subject to market and other conditions, up to $300 million
in aggregate principal amount of its senior notes due 2022. The notes will be
offered only to qualified institutional buyers in accordance with Rule 144A
and to non-U.S. Persons under Regulation S under the Securities Act of 1933,
as amended (the "Securities Act").
The net proceeds of the proposed offering would be used to redeem any and all
of our outstanding 7.75% Senior Notes due 2015 at the make-whole price
specified in the indenture governing those notes and for general corporate
purposes, including the potential repayment of other existing indebtedness.
The notes to be offered will not be registered under the Securities Act or any
state securities laws. As a result, they may not be offered or sold in the
United States or to any U.S. persons except pursuant to an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.
This news release does not constitute an offer to sell, or a solicitation of
an offer to buy, any securities, nor shall there be any sale of the notes in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state. Any
offering of securities will be made only by means of the confidential offering
memorandum. This press release is being issued pursuant to and in accordance
with Rule 135c under the Securities Act.
Sotheby's is a global company that engages in art auction, private sales and
art-related financing activities. The Company operates in 40 countries, with
principal salesrooms located in New York, London, Hong Kong and Paris.The
Company also regularly conducts auctions in seven other salesrooms around the
world.Sotheby's is listed on the New York Stock Exchange under the symbol
This release contains certain "forward-looking statements" (as such term is
defined in the Securities and Exchange Act of 1934, as amended) relating to
future events and the financial performance of the Company. Such statements
are only predictions and involve risks and uncertainties, resulting in the
possibility that the actual events or performances will differ materially from
such predictions. Major factors, which the Company believes could cause actual
events to differ materially from those suggested by the "forward-looking
statements" include, but are not limited to, the overall strength of the
international economy and financial markets. Please refer to our most recently
filed Form 10-Q (and/or 10-K) for a complete list of Risk Factors.
CONTACT: Press Department
212 606 7176
212 894 1023
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