7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Buffett's Firm 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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
11 20 09 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.