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FollowingSoftBank issues bonds to replace bridge financing
Fitch Ratings awarded BB+
Artificial intelligence investment remains at the core of SoftBank's vision
SoftBank is advancing a bond issuance plan worth more than $11 billion to support its financial commitment to OpenAI. The securities issued include US$10 billion in dollar-denominated securities and 1 billion euros in euro-denominated bonds. Part of the proceeds will be used to pay for the $1 billion OpenAI installment that is due on October 1. The company plans to use the proceeds from the bonds to refinance its existing $10 billion bridge financing facility.
The proposed securities have received a BB+ rating from Fitch. Softbank, as a Japanese technology giant, is preparing for huge payments related to its partnership with OpenAI. The deal involves $10 billion in senior unsecured U.S. dollar notes and 1 billion euros (approximately $1.15 billion) in euro-denominated securities. The funds raised are intended to support the $1 billion instalment involved in the third phase of SoftBank's additional investment in OpenAI. The payment is scheduled to be completed on October 1.
US dollar notes are divided into three maturity slots, with maturity periods of 3.5 years, 5.5 years and 7.5 years respectively. Euro-denominated securities are distributed between four-year and six-year periods. Pricing is expected to take place on September 24, and settlement is scheduled for September 29. SoftBank has previously reached a $10 billion bridge financing arrangement to cover its obligations to OpenAI. According to the terms memorandum, the newly raised bond capital will be used to refinance the temporary facility. Any remaining funds may be used for general company needs.
如果交易按预期规模完成，根据路透社引用的LSEG数据，这将成为亚太及日本市场有记录以来最大的非金融企业债券销售，创下新的基准。此次发行也将使该公司跻身今年全球前20大企业债券交易之列。
惠誉评级已将预期票据指定为BB+级。评级机构指出，随着软银为其承诺的资本配置提供资金，其杠杆率预计将上升。然而，惠誉表示，软银应保持充足的流动性并持续获得融资渠道。花旗银行担任美元计价证券的主承销商，摩根大通则担任欧元部分的主承销商。花旗银行、高盛、摩根大通和摩根士丹利共同担任美元票据的全球协调人。摩根大通、德意志银行和高盛负责管理欧元部分。
OpenAI已成为软银首席执行官孙正义人工智能投资理念的核心支柱。随着软银深入参与生成式人工智能及其支持基础设施的建设，已向这家AI开发商承诺了数百亿美元。当前的融资凸显了维持这一战略地位所需的大量资本需求。与此同时，OpenAI也在部署大量资源用于计算能力和基础设施扩张，以扩展其模型和产品。这种动态提升了像软银这样主要外部支持者的 significance。
The bond issuance follows a statement by OpenAI CEO Ultraman that the company will seek a public listing in 2026. As a result, SoftBank's stake still belongs to a private entity rather than a recent market IPO. SoftBank Vision Fund has achieved valuation growth among several AI companies in its portfolio. Currently, the company is using international debt markets to fund the next phase of its OpenAI partnership, with a $1 billion installment due on October 1.
