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Sotheby's Message Board

  • whbuncensored whbuncensored Mar 3, 2013 10:51 AM Flag

    long-term debt refinancing loss

    Sotheby's refinanced its long-term bonds by ten years, to 2022, and, as a result, incurred a $15.0 million pre-tax bond redemption loss ($8.3 million after taxes, or $0.12 per diluted share) that negatively impacted the comparison to the prior year. This long-term refinancing will reduce Sotheby's financing costs by approximately $5 million per year, beginning in 2014.

    Is BID's CFO too cozy with bankers? Should shareholders ask questions.
    Do such charges commonplace for public companies amount to financial extortion.
    Should government be concerned.

 
BID
42.42-0.07(-0.16%)Dec 19 4:04 PMEST

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