Broomfield, Colorado, June 29 (Bloomberg) -- Berkshire Hathaway Inc. Chairman Warren Buffett may be buying bonds in Level 3 Communications Inc., Business Week reported, citing debt traders.
The traders said most of the buying came through Buffett's own trader, located in Berkshire's headquarters in Omaha, Nebraska, the magazine said. People familiar with the company said one bondholder has purchased more than $600 million of Level 3 bonds lately, the magazine said.
Whether the bonds purchased by Buffett's trader are destined for Berkshire's portfolio, a subsidiary or a third party isn't clear, Business Week said. Level 3 Chairman Walter Scott Jr. sits on Berkshire Hathaway's board and works in the same building as Buffett in Omaha, the magazine said.
Some traders said Scott, Level 3's largest shareholder, may be buying Level 3 debt through Buffett's trader, the magazine said. Buffett, Scott and officials at Level 3 declined comment, the magazine said.
(Business Week 7-9)