SoftBank is seeking a $10B two-year loan to refinance debt behind its OpenAI investment, with Mizuho Bank as mandated lead arranger and bookrunner and a margin of roughly 275 basis points over the Secured Overnight Financing Rate, according to Bloomberg. Commitments are due August 31, with other banks in talks to join. Proceeds would go partly toward repaying the $40B bridge loan SoftBank took earlier this year to fund the OpenAI purchases. The new facility stacks on a record 1T yen retail bond sale in Japan, a possible $10B to $20B offshore offering, and a separate $10B loan secured this month against the OpenAI stake that carries covenants that could force SoftBank to put up cash or pay it back early. SoftBank is due to put close to $65B into OpenAI by October.
