Subject: Re: Berkshire back for yen funding
AI Summary:

Use of Proceeds-

Net proceeds will primarily refinance two existing 2026 yen-denominated senior notes that are maturing soon:
• ¥40,000,000,000 aggregate principal of 0.173% Senior Notes due April 15, 2026.
• ¥93,900,000,000 aggregate principal of 0.907% Senior Notes due April 20, 2026.
Any remainder will help finance (in part) Berkshire’s acquisition of a minority stake in Japanese insurer Tokio Marine Holdings. The offering is not contingent on completing that investment.

Approximate Scale-

The new offering size is not numerically specified in the provided filing excerpts (likely due to it being a pre-pricing supplement). However, based on the refinancing target, it is expected to be in the range of ¥130–150 billion+ (roughly $800 million–$1 billion+ USD at recent exchange rates around ¥150–160 per USD). Past similar Berkshire yen offerings have ranged from ~¥90 billion to ¥210 billion.