Sotheby’s to redeem 5¼% notes with new deal proceeds

New York, Dec. 7 – Sotheby’s will redeem its 5¼% senior notes due 2022 using proceeds from an offering of $400 million of senior notes due 2025, the company said in a news release on Thursday.

Holders will receive 102.625% of par plus accrued interest up to but excluding the redemption date, the issuer added.

There is $300 million of the 5¼% notes outstanding, according to the company’s latest 10-Q filing with the Securities and Exchange Commission.

Remaining proceeds from the new notes will be used for general corporate purposes, primarily the repayment or reduction of revolving credit facility borrowings.

Sotheby’s is a New York-based auctioneer of art.

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