Berkshire to Sell $500 Million in Notes to Repay Clayton Debt

Businessweek reports that Warren Buffett’s Berkshire Hathaway Inc. plans to sell $500 million of notes to repay debt used by its Clayton Homes manufactured housing unit. The magazine reported on its website that five-year senior notes may be issued through Berkshire Hathaway Finance Corp. and may pay about 87.5 basis points more than Treasuries maturing at about the same time. Proceeds will repay the finance arm’s existing 4.2 percent senior notes. Businessweek also notes Buffett’s firm sells bonds in part to finance mortgages for people who buy Clayton’s factory-built housing. In a letter accompanying Berkshire’s 2009 annual report, Buffett said Berkshire will continue backing the home-loan program.

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