BNP Paribas to lead buyout debt for Drahi’s purchase of Sotheby’s

Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor.

  • By Owen Sanderson
  • 17 Jun 2019

LionTree advised Sotheby’s on the sale, which is expected to close in the fourth quarter this year. According to merger documents filed with the SEC, some of the buyout debt may be taken out with high yield bonds.

New York-listed Sotheby’s has been a public company for 31 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.40%
2 JPMorgan 5,589.28 27 6.25%
3 Credit Agricole CIB 5,555.86 31 6.21%
4 Deutsche Bank 5,084.59 30 5.68%
5 BNP Paribas 4,989.41 40 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.33%
2 JPMorgan 2,822.43 22 6.97%
3 Citi 2,783.23 20 6.87%
4 BNP Paribas 2,674.33 25 6.60%
5 Goldman Sachs 2,523.29 20 6.23%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,093.24 135 10.06%
2 Citi 15,359.69 127 9.04%
3 Bank of America Merrill Lynch 12,650.81 105 7.45%
4 Goldman Sachs 12,435.18 94 7.32%
5 Morgan Stanley 9,748.90 76 5.74%