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New Senior Loan Agreement by SoftBank Corp. and  Partial Payment of Senior Loan before Maturity  by SoftBank Group Corp.

August 23, 2018
SoftBank Group Corp.

SoftBank Group Corp. (“SBG”) announces today that SoftBank Corp. (“SoftBank”), a subsidiary of SBG, has entered into a senior loan (the “Senior Loan”) agreement for the amount of JPY 1,600 billion. SoftBank will use the proceeds from the Senior Loan to repay the outstanding JPY 1,600 billion borrowed from SBG, resulting in dissolution of the debtor-creditor relationship between SBG and SoftBank.

On the same day as SoftBank’s drawdown of the Senior Loan, SBG will use all of the proceeds from SoftBank’s repayment of its borrowing from SBG to partially repay its Senior Loan dated November 2, 2017 and under which an amount of JPY 2,542.3 billion was outstanding as of June 30, 2018. This transaction will not affect the outstanding amount of the interest-bearing debt on the consolidated financial statements of SBG.

The repayment of SoftBank’s loan from SBG will be undertaken as part of SoftBank’s efforts to secure its managerial independence from SBG in connection with the preparation to list SoftBank’s shares.

Summary of Senior Loan Agreement

1. Borrower SoftBank Corp.
2. Mandated Lead Arranger (MLA) Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Crédit Agricole Corporate and Investment Bank
Sumitomo Mitsui Trust Bank, Limited
3. Date of execution August 23, 2018
4. Amount of borrowing JPY 1,600 billion
5. Date of loan drawdown August 31, 2018
6. Use of proceeds Repayment of JPY 1,600 billion loan from SBG
7. Maturity The last business day of September, 2024
8. Collateral None
9. Guarantee None

This press release was prepared for informational purposes only and not for the purpose of soliciting any investment in Japan or abroad. It does not constitute an offer of securities in the United States. The SoftBank Corp. shares referred to above have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from registration requirements.

  • Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.

    Source SoftBank

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