SoftBank Group Corp. is evaluating a bond sale of up to $20 billion to refinance a $40 billion bridge loan secured earlier this year for its investment in OpenAI, according to people familiar with the matter.
The Tokyo-based conglomerate is in early-stage discussions with investment banks about potential issuance, with options including dollar and euro-denominated debt. A 144A offering is also under consideration to expand access to U.S. institutional investors. Timing remains flexible, though a deal could be launched as early as September, pending finalization of size, structure and market conditions.
If completed at the upper end of the range, the offering would surpass SoftBank’s $3.6 billion bond sale in April, which included a 10-year dollar tranche with an 8.5% coupon. The proceeds are expected to repay the bridge loan, part of a broader financing strategy for SoftBank’s planned $65 billion investment in OpenAI by October, funded largely through borrowings.
SoftBank shares were up 2.8% at 5,228 yen in early Tokyo trading on Wednesday, reflecting investor interest ahead of potential funding announcements.
