Berkshire gives Tiffany and Co. a boost

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Berkshire gives Tiffany and Co. a boost

February 18, 2009

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New York--Berkshire Hathaway, the holding company of billionaire Warren Buffett, has agreed to invest $250 million in bonds issued by iconic jeweler Tiffany and Co., according to various news reports.

According to the reports, Tiffany said that it sold Berkshire $125 million of eight-year notes and $125 million of 10-year notes, all yielding 10 percent.

The company will use the proceeds to refinance debt and for other general purposes.

Like so many other jewelers, Tiffany and Co. has been hard hit by the slowdown in the luxury sector due to the worldwide economic crisis. The New York-based jeweler saw worldwide sales decline 21 percent in November and December, including a 35 percent drop in same-store sales. It expects to show a fourth-quarter loss when it reports its earnings in March.

The Tiffany buy is the latest in a string of high-profile investments by Buffett, who recently sunk money into companies including General Electric, motorcycle maker Harley-Davidson and Goldman Sachs.

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