SoftBank to raise $7.35 bn in offshore bond sale

SoftBank to raise $7.35 bn in offshore bond sale

TOKYO: SoftBank Group Corp said on Thursday it plans to raise $7.35 billion this month by selling U.S. dollar- and euro-denominated bonds, the Japanese conglomerate’s first such foreign bond sale in three years.

SoftBank plans to sell dollar bonds worth $3.85 billion with maturities ranging from 3.5 years to 10 years, and euro bonds worth 2.95 billion euros ($3.5 billion) with a similar duration.

The group, which hiked its capital commitment to the second Vision Fund to $40 billion, said proceeds from the latest bond issuance would be used to repay debt and general corporate purposes.

The bonds were given a BB-plus junk rating by S&P Global Ratings.

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