Sotheby's Successfully Expands Credit Facility to $300 Million Level

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Bidcorp	LSE:BID	London	Ordinary Share	GB0004690094	ORD 20P

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Bidcorp

LSE:BID

London

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GB0004690094

ORD 20P

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Sotheby's Successfully Expands Credit Facility to $300 Million Level

23/05/2006 10:50pm

PR Newswire (US)

Bidcorp (LSE:BID)
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NEW YORK, May 23 /PRNewswire/ -- Sotheby's Holdings, Inc. has amended its long-term senior secured revolving credit agreement with Banc of America Securities LLC ("BofA") and LaSalle Bank N.A. (the "BofA Credit Agreement") to allow for $50 million in additional commitments from its existing lenders. This increases the total borrowing capacity under the BofA Credit Agreement from $250 million to $300 million. "This is a very positive step and a reaffirmation of our strong credit and balance sheet strength as well as sustained earnings growth," said Bill Sheridan, Chief Financial Officer of Sotheby's Holdings, Inc. Sotheby's Holdings, Inc. is the parent company of Sotheby's worldwide auction businesses, art-related financing and private sales activities. The Company operates in 34 countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in 13 other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. Sotheby's Holdings, Inc. is listed on the New York Stock Exchange under the symbol BID. DATASOURCE: Sotheby's Holdings, Inc. CONTACT: Diana Phillips, or Matthew Weigman, +1-212-606-7176; or Investor Relations -Jennifer Park, +1-212-894-1023 Web site: http://www.sothebys.com/

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