GE Capital is Administrative Agent on a $300 Million Credit Facility for Sotheby's

  GE Capital is Administrative Agent on a $300 Million Credit Facility for
  Sotheby's

Business Wire

NORWALK, Conn. -- December 20, 2012

GE Capital, Corporate Finance today announced it is serving as administrative
agent on a $300 million asset-based credit facility for Sotheby’s, one of the
world’s leading auctioneers (NYSE: BID). GE Capital Markets served as joint
lead arranger for the transaction. The loan is being used for general
corporate purposes.

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. They also provide art-related financing.

“The team at GE Capital has worked closely with us over the last three years,
so they really understand our needs and objectives,” said Bill Sheridan, chief
financial officer of Sotheby's. “Their knowledge of our business helped
facilitate a significant increase in our credit facility, providing us with
additional financing capacity and operating flexibility as we plan for the
years ahead.”

“We specialize in providing our middle-market customers with smarter,
business-building capital solutions,” said Bob McCarrick, chief commercial
officer, lending for GE Capital, Corporate Finance. “In addition, our ability
to make significant financial commitments enables us to support existing
customers with the means to foster their business objectives.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance provides asset-based, cash flow and structured
loans and leases to mid-size and large U.S. businesses. Financing supports
working capital, growth, acquisitions, turnarounds and balance sheet
optimization in key sectors: Aerospace and defense; automotive and
transportation; chemicals and plastics; construction and building products,
corporate aircraft; energy; 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. Visit gelending.com/clnews or follow
@GELendLease on Twitter.

GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit gecapital.com or
follow company news via Twitter (@GECapital). GE (NYSE: GE) 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. For more information, visit ge.com.

Contact:

GE Capital, Corporate Finance
Jeff Wilson, 203-749-6340
jeffrey.wilson@ge.com
or
GE Capital, Americas
Ned Reynolds, 203-229-5717
ned.reynolds@ge.com
 
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