Sotheby’s Takes on Private Credit through KKR and Neuberger Berman

KKR receivables financing facility could bolster cash flow

Sotheby’s tapped the lending arms of KKR & Co. and Neuberger Berman for financing during the past several months, thereby supplementing its conventional bonds and bank debt with private credit.

The auction house in February lined up receivables financing through KKR Credit Advisors (US) LLC, according to a regulatory filing. And in January, Neuberger Berman Specialty Finance filed documents outlining a corporate credit facility extended to Sotheby’s financial services unit.