SoftBank Adds 21 Lenders to $40 Billion OpenAI Loan, Wins Preferred Bidder Status for SP.LINKS
Article excerpt
TradingKey - On July 28, SoftBank Group recently made new progress in both capital markets and M&A. On one hand, the $40 billion bridge loan raised for investing in OpenAI attracted another 21 financial institutions during the syndication distribution phase; on the other hand, negotiations to acquire Blackstone ( BX )'s Japanese payment company SP.LINKS have entered their final stage. It is understood that the signing of this $40 billion bridge loan was officially completed in March this year, initially underwritten by nine banks. A few months later, the loan entered a large-scale distribution phase, with 21 new institutions collectively taking on about $7 billion of the loan commitment. Among them, First Abu Dhabi Bank, GIC, and Standard Chartered Bank each committed nearly $1 billion, with the remaining allocation held by various banks across Europe, Japan, and Taiwan. The loan has a term of 12 months with an initial spread of approximately 250 basis points. Based on the current SOFR level, the implied interest rate is about 6.14%, making it one of the largest bridge financings on record in the Asia-Pacific region. Some participating banks internally expressed concerns about SoftBank's over-concentration of bets on OpenAI, but judging from the final subscription results, this did not dampen the overall market's enthusiasm. The underwriters expect to earn over $100 million...
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People familiar with the matter revealed that SoftBank's telecommunications subsidiary has obtained preferred bidder status for SP.LINKS, a Japanese payment service provider held by Blackstone, and has entered the exclusive negotiation phase.
