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Home Capital Repays C$2 Billion Credit Line From Berkshire

By Tony Seruga

Lender uses proceeds from asset sales to repay Buffett loan
Mortgage firm will continue to pay interest on untapped loan

Home Capital Group Inc. said it repaid the balance on a C$2 billion ($1.6 billion) credit line from Warren Buffett’s Berkshire Hathaway Inc. after the Canadian mortgage lender sold assets.

“The full payout of all amounts owing on the Berkshire credit facility is an important next step that highlights the strength of our current liquidity position as we focus on delivering future success,” interim Chief Financial Officer Robert Blowes said Tuesday in a statement.

Home Capital received C$662 million from its previously announced agreement to sell some commercial mortgages, the Toronto-based firm said. The company has received about C$1.13 billion in total on the sale and discharges of commercial mortgages tied to its initiatives to increase liquidity…

Home Capital Repays C$2 Billion Credit Line From Berkshire

Categories : Commercial Real Estate

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