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Nov 19, 2009 6:37 pm US/Central
Buffett's Berkshire Secures $8B Loan For BNSF Deal
FORT WORTH (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.
The deal is expected to be completed early next year if shareholders and regulators approve.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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