:In June financial press releases, Sotheby's announced that it was offering to qualified institutional buyers $150 million of senior unsecured convertible notes due 2013 and $150 million of senior unsecured notes due 2015.
Sotheby's said it expects to use the proceeds from these offerings to finance the acquisition of its York Avenue property and to redeem its $100 million of existing 6.875 percent notes due 2009. In February 2003, the company sold the York property and entered into an agreement to lease it back from the buyer for an initial 20-year term, with options to extend the lease for two additional 10-year terms.
The firm said it expects to grant the initial purchasers of the convertible notes an option to purchase up to an additional $22.5 million of convertible notes to cover any overallotments.
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