Sotheby's Investor Briefing
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Recent unsecured long-term debt refinancing pushed out
maturities to 2022
New $300mm asset-backed loan facility remains undrawn
As an agency business, Sotheby's temporarily holds cash for
a period between the sale of property and the delivery of
proceeds to the seller
CURRENT LIQUIDITY & LEVERAGE
Management of available cash balances requires
consideration of:
Seasonal cash requirements
Significant operating leverage through the art market
cycle in a largely fixed cost business
•
.
-
Variability in capital structure and credit metrics
throughout the cycle
Ability to seize meaningfully profitable deal opportunities
Current Long-Term Maturity Profile (US$ in millions)
$215
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Cash Balance
Sotheby's
91%
■U.S.
9%
Total: $700mm'
■ Foreign
$300
¹ As of June 30, 2013.
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