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Home Capital Repays C$2 Billion Credit Line From Berkshire
- Lender uses proceeds from asset sales to repay Buffett loan
- Mortgage firm will continue to pay interest on untapped loan
Pedestrians pass in front of houses in Toronto, Ontario, Canada, on Thursday, May 11, 2017. Toronto home prices climbed 5 percent in April, suggesting the Ontario government's foreign buyer tax and troubles at Home Capital Group Inc. haven't yet cooled the market.
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Home Capital Group Inc. said it repaid the balance on a C$2 billion ($1.6 billion) credit line from Warren Buffett’s Berkshire Hathaway Inc. after the Canadian mortgage lender sold assets.
“The full payout of all amounts owing on the Berkshire credit facility is an important next step that highlights the strength of our current liquidity position as we focus on delivering future success," interim Chief Financial Officer Robert Blowes said Tuesday in a statement.