Softbank Group launches over $10 billion in bonds for OpenAI investment, term sheet shows
SoftBank Group has issued $10 billion and 1 billion euro-denominated senior unsecured notes to finance its investment in OpenAI, according to a term sheet released on Monday. The dollar-denominated notes come in 3-1/2-year, 5-1/2-year, and 7-1/2-year terms, while the euro-denominated bonds feature 4-year and 6-year maturities, as per the document.
The funds raised will be utilized to settle SoftBank's $10 billion payment for the third tranche of its follow-on investment in OpenAI, which is set to close on October 1, as well as for general corporate needs, the term sheet indicates. Earlier, SoftBank had secured a $10 billion bridge loan facility to support its OpenAI investment, and the bonds are designed to repay that debt, the term sheet further states.
The bond issuances are anticipated to be priced on September 24 and settled on September 29, the term sheet adds. SoftBank Group was not available for comment due to a holiday in Japan. Citigroup and JPMorgan serve as the lead bookrunners for the notes, according to the term sheet.
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