SoftBank Launches $10 Billion and €1 Billion in Bonds for OpenAI Investment
SoftBank Group Corp. launched $10 billion and €1 billion in senior unsecured notes, according to The Business Times. The proceeds will finance a $10 billion payment for the third tranche of its follow on investment in OpenAI, as well as general corporate purposes.
The dollar denominated notes have maturities of three and a half years, five and a half years, and seven and a half years. The euro denominated notes have maturities of four and six years.
The bonds are expected to price on September 24 and settle on September 29. SoftBank expects the OpenAI payment to close on October 1 and plans to use the bond proceeds to replace a previously secured $10 billion bridge loan.
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