SoftBank Group has raised $1.5 billion from a dollar-denominated bond offering and 1.75 billion euros ($2.06 billion) from a euro-denominated offer, according to a filing on Thursday, as the Japanese firm refinances debt and partly repays a bridge loan that was used mainly for follow-on investments in OpenAI.
The sale came as debt issuers assess improving market sentiment on hopes for a deal to end the Iran war, with financial markets rising on Thursday as investors took a more constructive view of risk.
The six-part offering included $400 million of notes due in 2029, $600 million due in 2031 and $500 million due in 2036. It also sold 700 million euros worth of notes due in 2030, 600 million euros due in 2032 and 450 million euros due in 2034, the filing showed.
SoftBank set coupons on the dollar bonds at 7.625%, 8.25% and 8.5%. For the euro bonds, coupons were set at 6.375%, 7.0% and 7.375%, according to the filing.
SoftBank said it expects to issue the notes on April 22.
It said proceeds would be used to redeem foreign-currency senior notes and to partially repay the amount outstanding under a bridge loan used primarily for follow-on investments in OpenAI.
SoftBank has invested in OpenAI since September 2024 and in January 2025, the two groups also teamed up on Stargate, a U.S. artificial intelligence infrastructure project. OpenAI is the company behind ChatGPT.
In a note dated Wednesday before the final terms were set, CreditSights said SoftBank’s balance sheet had become more stretched after making its OpenAI commitment; it estimated the firm’s funding shortfall stood at about $35.7 billion, based on current commitments.
The research firm said, however, that SoftBank’s underlying asset value remained strong and that asset sales, asset-backed financing or equity financing could help meet funding needs.
CreditSights added that it saw value in the new bonds at the marketed levels and kept an “outperform” recommendation on SoftBank’s credit.
The notes carry a BB+ rating from S&P and will be listed in Singapore, according to the filing.
Deutsche Bank, Goldman Sachs, JPMorgan and Mizuho are acting as joint global coordinators, alongside other bookrunners and co-managers, the filing said.
Reuters
