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Following软银集团发行约110亿美元债券以资助对OpenAI的新一轮投资
软银集团（SoftBank Group）于周一启动了总额约110亿美元的债券销售，旨在为其对OpenAI的下一笔股权投资提供资金。根据条款清单，此次发售还将取消软银此前为支持同一项赌注而获得的100亿美元过桥贷款额度。
花旗集团与摩根大通共同牵头，定于9月24日进行定价。该交易分为100亿美元的美元计价高级无担保票据和10亿欧元的欧元计价票据，共计五个档次。条款清单显示，美元票据的到期期限分别为3.5年、5.5年和7.5年，欧元票据的期限则为4年和6年。
由花旗集团和摩根大通承销的此次发售，定价日为9月24日，结算日为9月29日。此次发行的面值超过110亿美元，将成为单家企业有史以来规模最大的高收益债券销售之一（不包括困境债务交换案例）。软银今年已在多种货币下发行了近150亿美元的债券，成为2026年评级为垃圾级的公司借款人中的佼佼者。
所得资金将用于支付软银对OpenAI追加投资的第三阶段款项，金额为100亿美元，该交易预计将于10月1日完成，其余资金将用于一般企业用途。据Cryptopolitan此前报道，软银今年3月曾寻求一笔400亿美元的过桥贷款，以资助大部分对OpenAI的投资计划，包括摩根大通在内的四家银行 reportedly 担任承销商。新发行的票据也将取消软银此前为该交易安排的100亿美元过桥融资额度。
软银在9月9日表示，已提前偿还了3月融资工具中未结清的259亿美元全部款项，其中已提取部分为300亿美元。这一承诺可追溯至2月27日的公告，当时软银通过愿景基金2号向OpenAI承诺出资300亿美元，投前估值为7300亿美元。该付款分三期等额进行，日期分别为4月1日、7月1日和10月1日。软银在2月曾表示，过桥贷款将首先用于资助该项投资，并随时间推移被现有资产和其他融资措施所取代。
收益率飙升：2031年期票据收益率升至8.2%
The yield on SoftBank's U.S. dollar bonds due in 2031 soared to 8.2% this month, up from a January low of 6.7%; meanwhile, the cost of insuring SoftBank against default on its debt also climbed to a three-year high. Standard & Poor's and Fitch give Softbank a BB+ rating, the highest rating for speculative bonds. Softbank's notes issued in April are priced at a 3.5-year interest rate of 7.625%, and a 5.5-year interest rate of 8.250%. In addition, SoftBank issued a record size of retail bonds in Japan on September 4 at an interest rate of 4.75%. This is about 350 basis points cheaper than the interest rates currently required by offshore institutions for the same credit qualifications.
Softbank has committed nearly US$65 billion to acquire a roughly 13% stake in OpenAI. The investment is funded through loans and asset sales. Margin loans for Arm stock expanded to $25 billion, and credit lines increased to $6.5 billion. Softbank also liquidate all of its Nvidia shares and a large number of T-Mobile shares.
Apollo Global Management is also in talks to expand its loan to SoftBank. SoftBank acquired ABB's industrial robots business for $5.4 billion and acquired data center private equity firm DigitalBridge for approximately $3 billion. Its U.S. subsidiary SB Energy is building 8.8 gigawatts of data center capacity, requiring an estimated $174 billion in capital investment. OpenAI CEO Sam Ultraman said the company will not go public this year, which will delay the liquidity SoftBank will gain through the listing.
