Softbank Group launches over $10 billion in bonds for OpenAI investment, term sheet shows

Business Recorder reported that SoftBank Group has rolled out a bond offering of $10 billion in dollar-denominated notes and 1 billion euros in euro-denominated notes, aimed at funding its OpenAI stake. The details came from a term sheet that surfaced on Monday. The proceeds are earmarked for a $10 billion payment tied to the third tranche of its follow-on OpenAI investment, which is expected to close on October 1.

Maturities range from 3-1/2 to 7-1/2 years for the dollar notes and from 4 to 6 years for the euro issue, as laid out in the term sheet. Pricing is expected on September 24, with settlement on September 29. The bonds are also set to cancel a $10 billion bridge loan facility that SoftBank obtained earlier for the same OpenAI investment.

SoftBank could not be reached for comment immediately, as Monday was a holiday in Japan. Citigroup and JPMorgan are the lead bookrunners on the notes, the term sheet indicated.