Filed Pursuant to Rule 433
Registration Statement No. 333-186257
Pricing Term Sheet
BERKSHIRE HATHAWAY INC.
Pricing Term Sheet
€ 750,000,000 0.75% Senior Notes due 2023
€ 1,250,000,000 1.125% Senior Notes due 2027
€ 1,000,000,000 1.625% Senior Notes due 2035
| Issuer: |
Berkshire Hathaway Inc. | |
| Offering Format: |
SEC Registered | |
| Trade Date: |
March 5, 2015 | |
| Settlement Date: |
March 16, 2015 (T+7) | |
| Expected Ratings*: |
Aa2 by Moody’s Investors Service, Inc. AA by Standard & Poor’s Ratings Services |
0.75% Senior Notes due 2023
| Principal Amount: |
€750,000,000 | |
| Maturity Date: |
March 16, 2023 | |
| Issue Price (Price to Public): |
99.614% of face amount | |
| Gross Spread: |
37.5 bps | |
| Proceeds to Issuer: |
€744,292,500 | |
| Interest Rate: |
0.750% per annum | |
| Yield to Maturity: |
0.800% | |
| Spread to Mid-Swap: |
+27 bps | |
| Mid-Swap Yield: |
0.530% | |
| Benchmark Security: |
DBR 1.500% due February 15, 2023 | |
| Benchmark Security Price: |
110.90% | |
| Benchmark Security Yield: |
0.120% | |
| Spread to Benchmark Security: |
+68.0 bps | |
| Day Count Convention: |
ACTUAL/ACTUAL (ICMA) | |
| Interest Payment Dates: |
Annually on March 16, commencing March 16, 2016 | |
| Optional Redemption: |
At any time prior to December 16, 2022: Make-whole redemption at comparable government bond rate plus +15 bps On or after December 16, 2022: Redemption at par | |
| Minimum Denomination: |
€100,000 and integral multiples of €1,000 in excess thereof | |
| CUSIP: |
084670 BM9 | |
| Common Code: |
120067095 | |
| ISIN: |
XS1200670955 | |
| Listing: |
The Issuer intends to apply to list the 0.75% Senior Notes due 2023 on the New York Stock Exchange |
1.125% Senior Notes due 2027
| Principal Amount: |
€1,250,000,000 | |
| Maturity Date: |
March 16, 2027 | |
| Issue Price (Price to Public): |
98.725% of face amount |
| Gross Spread: |
45 bps | |
| Proceeds to Issuer: |
€1,228,437,500 | |
| Interest Rate: |
1.125% per annum | |
| Yield to Maturity: |
1.240% | |
| Spread to Mid-Swap: |
+42 bps | |
| Mid-Swap Yield: |
0.820% | |
| Benchmark Security: |
DBR 0.500% due February 15, 2025 | |
| Benchmark Security Price: |
101.59% | |
| Benchmark Security Yield: |
0.337% | |
| Spread to Benchmark Security: |
+90.3 bps | |
| Day Count Convention: |
ACTUAL/ACTUAL (ICMA) | |
| Interest Payment Dates: |
Annually on March 16, commencing March 16, 2016 | |
| Optional Redemption: |
At any time prior to December 16, 2026: Make-whole redemption at comparable government bond rate plus +15 bps On or after December 16, 2026: Redemption at par | |
| Minimum Denomination: |
€100,000 and integral multiples of €1,000 in excess thereof | |
| CUSIP: |
084670 BN7 | |
| Common Code: |
120067907 | |
| ISIN: |
XS1200679071 | |
| Listing: |
The Issuer intends to apply to list the 1.125% Senior Notes due 2027 on the New York Stock Exchange |
1.625% Senior Notes due 2035
| Principal Amount: |
€1,000,000,000 | |
| Maturity Date: |
March 16, 2035 | |
| Issue Price (Price to Public): |
99.611% of face amount | |
| Gross Spread: |
62.5 bps | |
| Proceeds to Issuer: |
€989,860,000 | |
| Interest Rate: |
1.625% per annum | |
| Yield to Maturity: |
1.648% | |
| Spread to Mid-Swap: |
+57 bps | |
| Mid-Swap Yield: |
1.078% | |
| Benchmark Security: |
DBR 4.750% due July 4, 2034 | |
| Benchmark Security Price: |
170.80% | |
| Benchmark Security Yield: |
0.786% | |
| Spread to Benchmark Security: |
+86.2 bps | |
| Day Count Convention: |
ACTUAL/ACTUAL (ICMA) | |
| Interest Payment Dates: |
Annually on March 16, commencing March 16, 2016 | |
| Optional Redemption: |
At any time prior to December 16, 2034: Make-whole redemption at comparable government bond rate plus +15 bps On or after December 16, 2034: Redemption at par | |
| Minimum Denomination: |
€100,000 and integral multiples of €1,000 in excess thereof | |
| CUSIP: |
084670 BP2 | |
| Common Code: |
120067966 | |
| ISIN: |
XS1200679667 |
| Listing: |
The Issuer intends to apply to list the 1.625% Senior Notes due 2035 on the New York Stock Exchange |
| Joint Book-Running Managers: |
Deutsche Bank AG, London Branch Goldman, Sachs & Co. Merrill Lynch International Wells Fargo Securities International Limited |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time |
Settlement Period: The closing will occur on March 16, 2015, which will be more than three U.S. business days after the date of this pricing term sheet. Rule 15c6-1 under the Securities Exchange Act of 1934 generally requires that securities trades in the secondary market settle in three business days, unless the parties to a trade expressly agree otherwise.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Deutsche Bank AG, London Branch toll-free at 1-800-503-4611, Goldman, Sachs & Co. toll-free at 1-866-471-2526, Merrill Lynch International toll-free at 1-800-294-1322 or Wells Fargo Securities International Limited at 44-20-7149-8481.