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http://www.cnbc.com/id/44271446
Buffett Tells CNBC 'This Isn't 2008' As Bank of America Gets $5B Loan at Just 6%
Published: Thursday, 25 Aug 2011 | 9:42 AM ET
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By: Alex Crippen
Executive Producer
Warren Buffett tells CNBC's Becky Quick "this isn't 2008" and that's why Bank of America is getting better terms for its $5 billion loan from Berkshire Hathaway, compared to what General Electric and Goldman Sachs paid for similar loans at the height of the credit crisis.
Buffett is also stressing the loan was his idea, perhaps to downplay any fears that Bank of America was desperate for a cash infusion.
This morning, Bank of America announced that Berkshire will use cash to buy 50,000 shares of preferred stock "with a liquidation value of $100,000 per share" in a private offering.
That is, in effect, a loan to the bank, in which it will pay aroound $300 million in dividends each year to Berkshire. BofA can pay back that loan at any time, but it will have to make an additional 5 percent dividend payment to do so.
The interest rate on the loan is 6 percent, well below the 10 percent that Buffett got from GE and Goldman almost three years ago.
Goldman paid back its $5 billion loan in April of this year, paying Berkshire roughly $1.6 billion in dividends over the 2-1/2 year life of the deal. That's an annualized return on investment of 12.6 percent. Warrants that came with that deal are out of the money, with Goldman trading a few dollars below the $115 strike price. Current price: [GS 111.69 1.38 (+1.25%) ]
Buffett had said he didn't want Goldman to buy back its preferred shares, because it cut off the stream of $500 million a year going from Goldman to Berkshire. He's also indicatred he doesn't plan to exercise the Goldman warrants until just before they expire in 2013.
General Electric has said it will pay off its $3 billion loan this October. Berkshire will pocket a total of $1.2 billion in dividends over three years for that deal for an annual return on investment of 11.1 percent. Warrants in that deal are also out of the money, with GE trading almost seven dollars below the $15.54 strike price. Current price: [GE 15.5589 -0.1611 (-1.02%) ]
In today's deal, Berkshire gets warrants to buy 700 million shares of BofA's common stock at an exercise price of just over $7.14 a share. It can make those purchases at its discretion anytime in the next 10 years.
Buffett's endorsement of Bank of America sent shares as high as $8.80 this morning, for a gain of almost 26 percent, putting the stock well above the strike price of the warrants. At that high, Berkshire's warrants had an instant "paper profit" of $1.16 billion.
BofA shares have been giving back some of those gains. As of 10:50a ET, they're around $7.85, reducing the warrants' paper profits to 'just' $500 million.
BofA closed yesterday at $6.99.
Current price: [BAC 7.875 0.885 (+12.66%) ]
As was the case with GE and Goldman, Bank of America also gets a strong endorsement from Buffett.
In the release, Buffett says, "Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it. I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That's what customers want, and that's the company's strategy."
Buffett tells us he came up with the idea of an investment while taking a bath earlier this week, and he asked BofA CEO Brian Moynihan yesterday if Berkshire could do the deal.
Why now? Buffett tells Becky that BofA's shares "have gone down a lot."
Current Berkshire stock prices:
Class B: [BRK.B 70.06 -0.69 (-0.98%) ]
Class A: [BRK.A 105221.00 -1129.00 (-1.06%) ]
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