One of the world’s richest men, billionaire Warren Buffett, has spent big on luxury jewellery chain Tiffany & Co. And no, he’s not filling his pockets with billion-dollar bling, he’s invested in their corporate bonds.
According to a Business Week article, on 12 February, Buffett’s company, Berkshire Hathaway, purchased $250 million of Tiffany’s 10.00% Series A-2009 and Series B-2009 Senior Notes. This was a big boost for Tiffany, whose holiday sales were reportedly down 21 percent. Hopefully Buffett’s splurge is enough to give Tiffany back some of its sparkle.
Consult Bloomberg’s report, Buffett’s Berkshire Agrees to Purchase Tiffany Bonds, for more detailed facts and figures.