Japanese telco Softbank (TYO: 9984) has priced a five-tranche high-yield bond worth about US$4.5bn in total for purposes including refinancing existing debt.
The US dollar and euro denominated notes come as market concerns over Greece’s economic…
Japanese telco Softbank (TYO: 9984) has priced a five-tranche high-yield bond worth about US$4.5bn in total for purposes including refinancing existing debt.
The US dollar and euro denominated notes come as market concerns over Greece’s economic crisis appear to have eased recently.
They were offered to investors outside of Japan and the US, including Europe and Asia, and were priced at par.
The USD-denominated tranche comprises two US$1bn bonds: one with a 5.375% coupon due 2022, and another at 6% maturing in 2025.
The euro-denominated notes were split into a €500m (US$547m) 4% tranche due 2022, a €1.25bn (US$1.37bn) 4.75% tranche due 2025, and a €500m 5.25% tranche due 2027.
Deutsche Bank and Goldman Sachs were global coordinators for both denominations.
Mizuho, Morgan Stanley, BofA Merrill Lynch, Crédit Agricole and Nomura were joint bookrunners.
Softbank has been on an acquisition spree in recent years, buying up overseas internet-related companies to tackle a difficult economic climate in Japan. It hired former LinkedIn executive Deep Nishar as MD of investments earlier this month to shore up this M&A strategy.
The group was recently reported to have put its Korean streaming video service DramaFever up for sale, after buying it for US$100m less than a year ago.
