Sotheby's says its 3.125% notes due 2013 are convertible through June

By Susanna Moon

Chicago, April 1 - Sotheby's said holders may convert its $200 million of 3.125% convertible senior notes due 2013 from April 1 through June 30.

The company's closing share price exceeded $44.20, or 130% of the conversion price for the notes in effect on Dec. 31, for 20 out of the 30 consecutive trading days ended March 31.

Sotheby's may pay cash, deliver shares or choose a combination of cash and stock to settle conversions.

The company said it plans to settle up to the principal amount of the convertibles in cash.

The company's shares closed at $52.60 (NYSE: BID) on Thursday.

Sotheby's is a New York-based art auction, private sales and art-related finance company with principal salesrooms in New York, London, Hong Kong and Paris.

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