Ropes & Gray Advises Sotheby's on $825 Million Senior Secured Notes Offering and Revolving Credit Facility Upsize

Ropes & Gray has advised Sotheby's, the world's premier destination for art and luxury, on its successful offering of $825 million aggregate principal amount of 8.250% Senior Secured Notes due 2031 (the “Notes”) and a $90 million upsize of its existing revolving credit facility. 

Sotheby's used the proceeds from the sale of the Notes to refinance in full its $765 million 7.375% Senior Secured Notes due 2027, as well as for general corporate purposes and to pay the fees, premiums, costs and expenses associated with the offering. 

The Ropes & Gray team was led by partner Michael Kazakevich and counsel Alexandru Mocanu, with associates Matteo Bonacina, Alexandra Elphick and Stefania Gauthier.