Sotheby’s Prices $400 Million of Senior Notes Due 2025
December 07 2017 - 4:38PM
Sotheby’s (NYSE:BID) today announced the pricing of $400 million of
its senior unsecured notes due 2025 through an offering to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) and to
non-U.S. persons under Regulation S under the Securities Act.
The closing of the offering is expected to occur on or about
December 12, 2017.
The notes will be sold to investors at a price of 100% of the
principal amount thereof, plus accrued interest from December 12,
2017 and will be redeemable beginning on December 15, 2020.
The notes will pay interest semiannually at a rate of 4.875%
per annum and will mature on December 15, 2025.
Sotheby’s expects to use the net proceeds from this offering to
redeem all of its outstanding 5.25% Senior Notes due 2022 at a
redemption price of 102.625% plus accrued and unpaid interest to
(but not including) the redemption date and for general corporate
purposes, primarily the repayment or reduction of borrowings under
its revolving credit facilities.
The notes have not been 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. This
announcement does not constitute a notice of redemption of the
5.25% Senior Notes due 2022.
About Sotheby’s
Sotheby’s has been uniting collectors with world-class works of
art since 1744. Sotheby’s became the first international auction
house when it expanded from London to New York (1955), the first to
conduct sales in Hong Kong (1973), India (1992) and France (2001),
and the first international fine art auction house in China (2012).
Today, Sotheby’s presents auctions in 10 different salesrooms,
including New York, London, Hong Kong and Paris, and Sotheby’s
BidNow program allows visitors to view all auctions live online and
place bids from anywhere in the world. Sotheby’s offers collectors
the resources of Sotheby’s Financial Services, the world’s only
full-service art financing company, as well as the collection
advisory services of its subsidiary, Art Agency, Partners.
Sotheby’s presents private sale opportunities in more than 70
categories, including S|2, the gallery arm of Sotheby's Global Fine
Art Division, and two retail businesses, Sotheby’s Diamonds and
Sotheby’s Wine. Sotheby’s has a global network of 80 offices in 40
countries and is the oldest company listed on the New York Stock
Exchange (BID).
Forward Looking Statements
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 10-K for a
complete list of Risk Factors.
New York | Lauren Gioia | Jennifer Park | Lauren.Gioia@Sothebys.com | Jennifer.Park@Sothebys.com | +1 212 606 7176
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