Warren Buffett’s Berkshire Hathaway has secured a loan of $8 billion to help fund the acquisition of Burlington Northern Santa Fe, Bloomberg reports. JPMorgan Chase and Wells Fargo are arranging the loan.
The banks are providing a one-year loan with an interest rate 1 percentage point to 2 percentage points over the London interbank offered rate. Berkshire is borrowing half of the $16 billion cash needed for the deal, and plans to pay back the loan over three years.
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