Japan’s SoftBank Group has launched a bond sale worth a total of $11.15 billion to help finance its follow-on investment in OpenAI.
According to a term sheet released on September 21, the offering consists of $10 billion in senior unsecured notes and €1 billion in euro-denominated notes.
The proceeds will be used to fund SoftBank’s $10 billion payment for the third tranche of its OpenAI investment, which is expected to close on October 1.
Part of the proceeds will also be used for general corporate purposes and to replace a bridge loan facility related to the OpenAI investment.
The bond sale is expected to be priced on September 24 and settle on September 29. Citigroup and JPMorgan are serving as the lead bookrunners.
