Chicago, July 6 – SoftBank Group Corp. announced the final terms on its eight-part bond offering that is expected to settle on Wednesday, according to a company announcement and multiple notices.
The deal, with an overall size of $7.35 billion equivalent (increased from $6.75 billion equivalent), features four dollar-denominated tranches and four euro-denominated tranches of senior notes (BB+).
The offering was heard to be playing to approximately $16 billion of demand.
Tranches and pricing are as follows:
• $550 million of 3 1/8% 3.5-year notes sold at par, versus earlier guidance in the 3½% area;
• $800 million of 4% five-year notes sold at par, versus earlier guidance in the 4¼% area;
• $1 billion of 4 5/8% seven-year notes sold at par, versus earlier guidance in the 4 7/8% area;
• $1.5 billion of 5¼% 10-year notes sold at par, versus earlier guidance in the 5½% area;
• €750 million of 2 1/8% three-year notes sold at par, versus earlier talk in the 2 3/8% area;
• €800 million of 2 7/8% 5.5-year notes sold at par, versus earlier guidance in the 3 1/8% area;
• €800 million of 3 3/8% eight-year notes sold at par, versus earlier guidance in the 3 5/8% area; and
• €600 million of 3 7/8% 11-year notes sold at par, versus earlier talk in the 4 1/8% area.
Deutsche Bank AG, London Branch, Barclays and HSBC Ltd. are the global coordinators.
BofA, J.P. Morgan Securities plc and Nomura International plc are active bookrunners.
Mizuho Securities Asia Ltd., Credit Agricole CIB, Citigroup Global Markets Ltd., Goldman Sachs International and ING Bank NV, Singapore Branch are the passive bookrunners.
Deutsche Bank will bill and deliver.
The notes in all tranches have make-whole call provisions until 90 days prior to maturity, at which time they become callable at par.
The Tokyo-based conglomerate plans to use the proceeds to repay debt and for general corporate purposes.
| Issuer: | SoftBank Group Corp.
|
| Issue: | Notes
|
| Amount: | $7.35 billion equivalent
|
| Bookrunners: | Deutsche Bank AG London Branch (bill and deliver), Barclays, HSBC Ltd. (global coordinators), BofA, J.P. Morgan Securities plc, Nomura International plc (active), Mizuho Securities Asia Ltd., Credit Agricole CIB, Citigroup Global Markets Ltd., Goldman Sachs International and ING Bank NV, Singapore Branch
|
| Call features: | Make-whole call until 90 days prior to maturity; then callable at par
|
| Trade date: | June 30
|
| Settlement date: | July 6
|
| Rating: | S&P: BB+
|
|
|
| 2025 notes
|
| Amount: | $550 million
|
| Maturity: | Jan. 6, 2025
|
| Coupon: | 3 1/8%
|
| Price: | Par
|
| Yield: | 3 1/8%
|
| Price talk: | 3½% area
|
|
|
| 2026 notes
|
| Amount: | $800 million
|
| Maturity: | July 6, 2026
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4¼%
|
|
|
| 2028 notes
|
| Amount: | $1 billion
|
| Maturity: | July 6, 2028
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Price talk: | 4 7/8% area
|
|
|
| 2031 notes
|
| Amount: | $1.5 billion
|
| Maturity: | July 6, 2031
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Price talk: | 5½%
|
|
|
| 2024 notes
|
| Amount: | €750 million
|
| Maturity: | July 6, 2024
|
| Coupon: | 2 1/8%
|
| Price: | Par
|
| Yield: | 2 1/8%
|
| Price talk: | 2 3/8% area
|
|
|
| 2027 notes
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| Amount: | €800 million
|
| Maturity: | Jan. 6, 2027
|
| Coupon: | 2 7/8%
|
| Price: | Par
|
| Yield: | 2 7/8%
|
| Price talk: | 3 1/8% area
|
|
|
| 2029 notes
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| Amount: | €800 million
|
| Maturity: | July 6, 2029
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Price talk: | 3 5/8% area
|
|
|
| 2032 notes
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| Amount: | €600 million
|
| Maturity: | July 6, 2032
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Price talk: | 4 1/8% area
|
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