Buffett Nabs Some High-Yield Tiffany (TIF) Debt
Get Alerts TIF Hot Sheet
Join SI Premium – FREE
Friday afternoon, luxury jewelry maker Tiffany & Co (NYSE: TIF) disclosed that it issued $250,000,000 of its 10.00% Series A-2009 and Series B-2009 Senior Notes to subsidiaries of Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.a).
The Series A-2009 Notes are in the amount of $125 million and are due on February 13, 2017. The Series B-2009 Notes are in the amount of $125 million and are due on February 13, 2019.
Tiffany said the proceeds of the Notes will be used to refinance existing indebtedness and for general corporate purposes.
Since the fall, Buffett's Berkshire Hathaway has been able to secure similar high-yield investments with a number of big-name companies as the credit crisis plays out. He has high-yield investments in Goldman Sachs (NYSE: GS), General Electric (NYSE: GE), Sealed Air (NYSE: SEE), USG Corp (NYSE: USG), Swiss Re and Harley-Davidson (NYSE: HOG). Payouts on these investments range from 10%-15%.
The Series A-2009 Notes are in the amount of $125 million and are due on February 13, 2017. The Series B-2009 Notes are in the amount of $125 million and are due on February 13, 2019.
Tiffany said the proceeds of the Notes will be used to refinance existing indebtedness and for general corporate purposes.
Since the fall, Buffett's Berkshire Hathaway has been able to secure similar high-yield investments with a number of big-name companies as the credit crisis plays out. He has high-yield investments in Goldman Sachs (NYSE: GS), General Electric (NYSE: GE), Sealed Air (NYSE: SEE), USG Corp (NYSE: USG), Swiss Re and Harley-Davidson (NYSE: HOG). Payouts on these investments range from 10%-15%.
You May Also Be Interested In
- Timken (TKR) Prices EUR 600M Notes Offering
- Enbridge (ENB) Files Prospectus Supplements to Enable an At-the-Market Equity Issuance Funding Option for its Acquisitions
- Apollo Global Management (APO) to Offer Senior Notes
Create E-mail Alert Related Categories
Insiders' Blog, Trader TalkRelated Entities
Warren Buffett, UBS, Goldman SachsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!