May 16, 2018 / 11:05 AM / a year ago

Home Capital gets new funding to replace Berkshire credit line

May 16 (Reuters) - Canadian mortgage lender Home Capital Group Inc said on Wednesday its unit received a two-year C$500 million funding commitment that would replace a C$2 billion credit facility offered by Warren Buffett’s Berkshire Hathaway Inc.

Last year, Buffett took a 20 percent stake in Home Capital and provided a C$2 billion credit facility after investors withdrew more than 90 percent of funds from its high-interest savings accounts.

“This Credit Facility is better aligned with our current liquidity and funding profile and results in a lower aggregate cost than the existing credit facility it is replacing,” Chief Financial Officer Brad Kotush said. (Reporting by Anirban Paul in Bengaluru Editing by Saumyadeb Chakrabarty)

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