Japanese mobile operator Softbank is looking to issue dollar-denominated senior notes worth US$2bn and due 2020.
Proceeds of the transaction will be used to part-finance the acquisition of Sprint Nextel, refinance existing debt and for general corporate…
Japanese mobile operator Softbank is looking to issue dollar-denominated senior notes worth US$2bn and due 2020.
Proceeds of the transaction will be used to part-finance the acquisition of Sprint Nextel, refinance existing debt and for general corporate purposes, the company said in a statement.
In mid-March, Softbank reduced the bridge loan it had taken out to fund its acquisition of a 70% stake in US operator Sprint Nextel by Y366bn (US$3.75bn), after raising Y370bn (US$3.96bn) from two bond issues.
In an announcement made to the Tokyo and Singapore stock exchanges at the time, the company said that it had reduced its bridge loan from Y1,650bn (US$17.15bn) to Y1,284.9bn (US$13.4bn) after deducting the proceeds from the bond issuance.
In October 2012 Softbank agreed to acquire 70% of Sprint for US$20.1bn, of which US$12.1bn will be paid to Sprint’s shareholders and US$8bn of capital will be put on to Sprint’s balance sheet. Softbank’s acquisition of Sprint is expected to close in mid-2013.
