SoftBank takes orders for $10 billion in bonds to fund OpenAI investment, term sheet shows (updated)

Softbank

23/09/2026 07:51

Adds milestone and more details in paragraph 5-6
Sept 23 (Reuters) - SoftBank Group Corp 9984.T is taking investor orders for a $10 billion dollar-denominated bond deal to help fund its OpenAI investments, according to a term sheet reviewed by Reuters on Wednesday. 
The Japanese conglomerate is aiming to raise $1 billion in a 3-1/2-year bond, $4.5 billion in a 5-1/2-year bond and $4.5 billion in a 7-1/2-year bond deal, the term sheet showed.
Potential investors have been told the price guidance for the 3-1/2-year bond is 8.75% to 8.875%, the 5-1/2-year bond is 9.375% to 9.5% and the 7-1/2-year bond is 9.75% to 9.875%, according to the term sheet.
If completed at $10 billion, the deal would be the largest high-yield bond sale on record by an Asia-Pacific and Japan issuer, topping SoftBank's own $7.35 billion deal in 2021, according to LSEG data. 
It would also rank the third-largest global high-yield bond deals on record, LSEG data showed.
The bonds are expected to be rated BB+ by S&P and Fitch. Books close at noon New York time on Wednesday with settlement expected on September 29, the term sheet showed.
SoftBank did not immediately respond to a request for comment.

 (Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Hong Kong; Editing by Christian Schmollinger and Jacqueline Wong)
 ((Scott.Murdoch@thomsonreuters.com;))