Buffett Swaps USG Notes for More Than $600 Million in Stock
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Warren Buffett’s Berkshire Hathaway Inc. is benefiting from another financial-crisis wager by converting debt it held in gypsum wallboard maker USG Corp. into more than $600 million in common stock.
Subsidiaries at Buffett’s company exchanged notes for 21.4 million shares after the building-supply maker said in November it planned to redeem notes due in 2018, according to a filing today from Omaha, Nebraska-based Berkshire. USG advanced 3 cents to $28.41 at 4:15 p.m. in New York.