Softbank to raise USD20 billion loan

12 Aug 2013

Japanese telecoms giant Softbank Corp is reportedly in the process of raising a massive USD20 billion loan to refinance a previous one-year bridge facility worth JPY1.65 trillion (USD17.09 billion), Reuters reports. The original bridge loan, taken in December 2012 to back Softbank’s acquisition of US-based telecoms operator Sprint Nextel, was subsequently reduced to JPY1.285 trillion after Softbank raised JPY370 billion in bonds to cover its investment in Sprint. The new loan has reportedly been arranged by Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.