FleetFinancial arranges record $6 billion loan

BOSTON – FleetBoston Financial announced that it had arranged the largest securitization loan –$6 billion – ever, to its knowledge, for the Finova Group, a commercial lender, to use to pay off loans to Berkadia LLC, a joint venture of Leukadia National Corp. and Berkshire Hathaway Inc., Warren Buffet’s company, which bought a controlling interest in Finova. Fleet Securities, a division of FleetBoston Financial is the lead lender and organizer of the consortium of 18 banks from four continents, the Boston Globe and Providence Journal reported.