Tiffany and Warren Buffett
29/10/2009
The world famous jewelry retailer cheap tiffany jewelry has sold $250 million in debt to billionaire Warren Buffett's company. The fine jeweler stated that it plans to use the proceeds to refinance existing debt Tiffany rings
According to a SEC filing, Tiffany sold the debt to Berkshire Hathaway Inc.
Berkshire will reportedly receive 10% interest on the new senior notes. The due date for half of the debt will be 2017, while the other half will be due in 2019.
A month ago Tiffany reported that its same-store sales during the holiday season had plummeted by 24% at its US stores. Tiffany's total worldwide sales dipped by 21% to $687.4 million, from?November to December last year key ring
Tiffany operates 206 stores and boutiques.
Berkshire has offered several other large corporations similar financing recently, including buying $300 million of Harley-Davidson Inc.’s debt last week. Harley will pay 15% interest. Berkshire also invested $3 billion in preferred GE shares and $5 billion in preferred Goldman shares. Both companies will reportedly pay Berkshire a 10% dividend
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