BUSINESS NEWS
Buffett's Berkshire secures $8B loan for BNSF deal | ||||||||||||||||||||
OMAHA, Neb. (AP) -- Warren Buffett's company has lined up an $8 billion loan to help pay for its $26.3 billion acquisition of Burlington Northern Santa Fe Corp. Berkshire Hathaway Inc. said in documents filed with the Securities and Exchange Commission Thursday that it signed the financing deal with JPMorgan Chase and Wells Fargo on Wednesday. Buffett has said Berkshire, which is based in Omaha, plans to borrow half of the $16 billion cash needed for the deal, and pay back the loan over three years. Berkshire has agreed to pay $100 a share in cash and stock for all the Burlington Northern shares it doesn't own. Berkshire holds a 23 percent stake in the railroad, which is based in Ft. Worth, Texas. The deal is expected to be completed early next year if shareholders and regulators approve. --- On the Net: Berkshire Hathaway Inc.: http://www.berkshirehathaway.com Burlington Northern Santa Fe Corp.: http://www.bnsf.com © 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy. | ||||||||||||||||||||
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