How much debt did Berkshire Hathaway issue in this offering?

Berkshire issued a total of ¥264.3 billion in senior notes across seven tranches. The filing does not state a U.S. dollar equivalent; at roughly 155 yen per dollar in April 2024, this would be about $1.7 billion, though that conversion is an estimate.

What are the interest rates and maturities on the notes?

Coupons range from 0.974% on the notes due 2027 to 2.498% on the notes due 2054. Intermediate tranches include 1.143% due 2029, 1.287% due 2030, 1.457% due 2031, 1.680% due 2034, and 2.278% due 2044.

Does this filing affect Berkshire's financial performance?

Not directly. The 8-K is a routine disclosure of a debt issuance and does not include earnings, cash flow, or balance sheet data. Investors should view it as a financing transaction that adds long-dated, low-cost debt, not as a performance update.

Why would Berkshire issue debt in yen?

The filing does not state a purpose. Yen issuance typically offers much lower interest rates than U.S. dollar debt, so it can reduce funding costs. Any stated use of proceeds would appear in the prospectus supplement or other Berkshire disclosures.

Where can investors find the full terms of the notes?

The full terms are in the indenture (Exhibit 4.1 to the Form S-3), the officers' certificates (Exhibits 4.2 to 4.8), the underwriting agreement (Exhibit 1.1), and the prospectus supplement dated April 18, 2024, which covers covenants, redemption provisions, and other key terms.

BRK-B/BRK-A 8-K SEC Disclosure

01—Abstract

Summary

Summary of the 8-K filed April 26, 2024. Cited figures are marked; the original filing is the authoritative source.

On April 25, 2024, Berkshire Hathaway Inc. (BRK-B) issued seven tranches of yen-denominated senior notes totaling ¥264.3 billion (approximately $1.7 billion^a at April 2024 exchange rates, which is an estimate and not stated in the filing), with maturities ranging from 2027 to 2054.

The notes were sold under a Form S-3 shelf registration (No. 333-262384) filed January 28, 2022, and an underwriting agreement dated April 18, 2024 with Merrill Lynch International and Mizuho Securities USA LLC. The filing is a routine Item 8.01 disclosure that documents the issuance and attaches the officers' certificates and legal opinion; it does not report earnings, operating results, or material changes to the business. The issuance is a funding and debt-management event rather than a signal about Berkshire's operations.

Coupons are low, ranging from 0.974%^b on the 2027 notes to 2.498% on the 2054 notes, reflecting the cheap yen funding Berkshire has accessed in Japan, a market where it has been building a long-term debt base to fund operations and capital needs at favorable rates. The ladder of maturities spreads refinancing risk across roughly three decades. Investors should note that the filing does not disclose the use of proceeds, so any stated purpose would come from other Berkshire disclosures.

For investors, the key takeaways are that this is a modest, low-cost financing with a long-dated maturity profile, and that the 8-K contains no new financial performance data. Full terms are in the indenture, the officers' certificates (Exhibits 4.2 through 4.8), and the prospectus supplement dated April 18, 2024, which describe covenants, redemption rights, and other provisions.

02—Key points

Key Highlights

Berkshire issued ¥264.3 billion in aggregate principal of seven tranches of yen-denominated senior notes on April 25, 2024.
Maturities range from 2027 (0.974% coupon) to 2054 (2.498% coupon), spreading refinancing risk over about three decades.
The largest tranche is the ¥169.0 billion 0.974% notes due 2027, roughly 64% of the total issuance.
The notes were issued under a Form S-3 shelf registration (filed January 28, 2022) and an indenture with The Bank of New York Mellon Trust Company, N.A.
Underwriters were Merrill Lynch International and Mizuho Securities USA LLC, under an underwriting agreement dated April 18, 2024.
The filing is an Item 8.01 (Other Events) disclosure and includes no earnings, operating, or balance sheet results.
Munger, Tolles & Olson LLP provided a legal opinion on the notes (Exhibit 5.1).

03—Questions

Frequently Asked Questions

How much debt did Berkshire Hathaway issue in this offering?
Berkshire issued a total of ¥264.3 billion in senior notes across seven tranches. The filing does not state a U.S. dollar equivalent; at roughly 155 yen per dollar in April 2024, this would be about $1.7 billion, though that conversion is an estimate.
What are the interest rates and maturities on the notes?
Coupons range from 0.974% on the notes due 2027 to 2.498% on the notes due 2054. Intermediate tranches include 1.143% due 2029, 1.287% due 2030, 1.457% due 2031, 1.680% due 2034, and 2.278% due 2044.
Does this filing affect Berkshire's financial performance?
Not directly. The 8-K is a routine disclosure of a debt issuance and does not include earnings, cash flow, or balance sheet data. Investors should view it as a financing transaction that adds long-dated, low-cost debt, not as a performance update.
Why would Berkshire issue debt in yen?
The filing does not state a purpose. Yen issuance typically offers much lower interest rates than U.S. dollar debt, so it can reduce funding costs. Any stated use of proceeds would appear in the prospectus supplement or other Berkshire disclosures.
Where can investors find the full terms of the notes?
The full terms are in the indenture (Exhibit 4.1 to the Form S-3), the officers' certificates (Exhibits 4.2 to 4.8), the underwriting agreement (Exhibit 1.1), and the prospectus supplement dated April 18, 2024, which covers covenants, redemption provisions, and other key terms.

04—Continue

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