SoftBank Group is reportedly considering a bond offering worth between $10 billion and $20 billion as the Japanese technology conglomerate looks to refinance borrowing linked to its massive investment in OpenAI.
The company is holding discussions with investment banks over the potential debt sale, Bloomberg News reported Wednesday, citing people familiar with the matter. The SoftBank bond offering could include both U.S. dollar- and euro-denominated debt and may take place as early as September.
However, the final size, structure and timing of the transaction have not been determined and could still change.
SoftBank told Bloomberg that it is evaluating several options to refinance a bridge loan associated with its OpenAI investment but stressed that no final decision has been made.
According to the report, some of the proceeds from the proposed bond issuance could be used to repay a $40 billion bridge loan that SoftBank secured earlier this year to finance its OpenAI commitment. The Japanese investment group is expected to invest nearly $65 billion in OpenAI by October, with part of that funding supported by borrowings.
Should the bond sale reach $20 billion, it would become SoftBank's largest offshore bond issuance and its second such transaction this year. The company is also reportedly considering a Rule 144A offering, which could provide greater access to institutional investors in the United States.
SoftBank previously raised $3.6 billion through dollar- and euro-denominated bonds in April. That issuance included a 10-year U.S. dollar bond carrying an 8.5% coupon.
The potential financing highlights the scale of SoftBank's financial commitment to OpenAI as the group increases its exposure to artificial intelligence infrastructure and technology investments.
Investors responded positively to the report. SoftBank shares listed in Tokyo climbed 2.8% to 5,228 yen by 05:16 GMT on Wednesday.
The proposed bond sale remains under consideration, with investors likely to watch closely for details on pricing, maturity and SoftBank's broader strategy for financing its OpenAI investment.


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