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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bidcorp | LSE:BID | London | Ordinary Share | GB0004690094 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Mar 2020 to Mar 2025
DOW JONES NEWSWIRES
Sotheby's Inc. (BID) announced a new three-year credit line, which will be $50 million bigger than planned because of strong lender interest, in a move the auctioneer said gives it more flexibility.
The deal comes as the art auction house's sales have tumbled. The industry has been struggling to secure enough top material to entice bidders as the economic downturn is forcing them to rely heavily on individuals to sell art for personal reasons.
The $200 million credit line, arranged by General Electric Co.'s (GE) finance arm and HSBC Holdings PLC (HBC), will carry an interest rate of at least 6%. Sotheby's President and Chief Executive Bill Ruprecht called the financing "a very positive development." The company's current line, with Bank of America Corp. (BAC), was to mature in a year.
Sotheby's shares closed Monday at $15.86 and were inactive premarket. The stock is up 78% this year.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com
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