Deals
Buffett’s Berkshire Plans $9 Billion Bond Sale to Repay Loan
- `A lot of pent up demand' for bonds of blue-chip companies
- Notes will repay debt used for Precision Castparts takeover
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Warren Buffett’s Berkshire Hathaway Inc. sold $9 billion in debt, the conglomerate’s biggest bond deal ever, in the latest offering from a blue-chip company tapping investor demand for the most creditworthy borrowers.
Berkshire sold the debt in seven parts, according to data compiled by Bloomberg. Proceeds will help pay down a $10 billion loan used to finance its purchase of Precision Castparts Corp. Buffett had said earlier that Berkshire used about $23 billion of its cash for the deal and would borrow the rest.