Sothebys (NYSE:BID) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Sotheby's (the “Company”) and certain of its wholly-owned subsidiaries are parties to a credit agreement dated August 22, 2014, with an international syndicate of lenders which provides for separate dedicated revolving credit facilities for its Agency segment (the "Agency Credit Facility") and Sotheby’s Financial Services (the "SFS Credit Facility") (together, as amended, the "Credit Agreement"). The Credit Agreement has a maturity date of August 22, 2020.
The maximum aggregate borrowing capacity of the Credit Agreement, which is subject to a borrowing base, is approximately $1.335 billion, with $300 million committed to the Agency segment and $1.035 billion committed to SFS. The borrowing capacity of the Agency Credit Facility includes a $50 million incremental revolving credit facility with higher advance rates against certain assets and higher commitment and borrowing costs (the "Incremental Facility").
On July 25, 2017, the Incremental Facility maturity date was extended by one year to August 22, 2018, in accordance with the terms of the Credit Agreement.
About Sotheby's (NYSE:BID)
Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. The Finance segment is engaged in art-related financing activities by making loans that are secured by works of art. The Company’s advisory services are classified within All Other segment. Sotheby's (NYSE:BID) Recent Trading Information
Sotheby's (NYSE:BID) closed its last trading session down -0.66 at 57.04 with 658,040 shares trading hands.