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Sotheby’s to launch $950 million credit facilities on Thursday
By Sara Rosenberg
New York, Sept. 11 – Sotheby’s is scheduled to hold a bank meeting on Thursday to launch $950 million of credit facilities, according to a market source.
BNP Paribas Securities Corp. is the left lead on the debt.
The facilities consist of a $400 million revolver and a $550 million term loan B, the source said.
Proceeds will be used to help fund the acquisition of the company by BidFair USA for $57 in cash per share of common stock in a transaction with an enterprise value of $3.7 billion.
Closing is expected in the fourth quarter, subject to customary conditions, including regulatory clearance and shareholder approvals. The transaction is not subject to the availability of financing.
Sotheby’s is a New York-based auction house.
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