By Paul A. Harris
Portland, Ore., July 22 – Tokyo-based telecommunications company Softbank Group Corp. price €2.25 billion and $2 billion of non-callable senior notes (Ba1/BB+) in five tranches on Wednesday, according to a market source.
The Regulation S only deal featured two dollar-denominated tranches and three euro-denominated tranches. The dollar-denominated tranches both priced on top of final talk and at the tight ends of early guidance. The euro-denominated tranches all priced on top of final talk and 12.5 basis points inside of early guidance.
A $1 billion tranche of seven-year notes priced at par to yield 5 3/8%. The yield printed on top of yield talk. Early guidance was in the 5 3/8% area.
A $1 billion tranche of 10-year notes priced at par to yield 6%. The yield printed on top of yield talk. Early guidance was in the 6% area.
A €500 million tranche of seven-year notes priced at par to yield 4%. The yield printed on top of yield talk. Early guidance was in the 4¼% area.
A €1.25 billion tranche of 10-year notes priced at par to yield 4¾%. The yield printed on top of yield talk. Early guidance was in the 5% area.
A €500 million tranche of 12-year notes is priced at par to yield 5¼%. Early guidance was in the 5½% area.
Deutsche Bank is a global coordinator and the physical bookrunner. Goldman Sachs International is also a global coordinator.
Mizuho Securities, Morgan Stanley, BofA Merrill Lynch, Credit Agricole CIB and Nomura are joint bookrunners.
Proceeds will be used for general corporate purposes, including debt refinancing.
| Issuer: | Softbank Group Corp.
|
| Securities: | Senior notes
|
| Physical bookrunner: | Deutsche Bank
|
| Global coordinators: | Deutsche Bank, Goldman Sachs
|
| Bookrunners: | Mizuho Securities, Morgan Stanley, BofA Merrill Lynch, Credit Agricole CIB and Nomura
|
| Co-managers: | SMBC Nikko, UBS Investment Bank, Barclays; Daiwa Capital Markets and Citigroup Global Markets Inc., BNP Paribas (euro tranches only)
|
| Call protection: | Non-callable
|
| Trade date: | July 22
|
| Settlement date: | July 28
|
| Ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BB+
|
| Distribution: | Regulation S only
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | Seven years
|
| Coupon: | 5 3/8%
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| Price: | Par
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| Yield: | 5 3/8%
|
| Spread: | 327 bps
|
| Price talk: | 5 3/8%
|
|
|
| Dollar-denominated 10-year notes
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| Amount: | $1 billion
|
| Maturity: | 10 years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 359 bps
|
| Price talk: | 6%
|
|
|
| Euro-denominated seven-year notes
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| Amount: | €500 million
|
| Maturity: | Seven years
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 328 bps
|
| Price talk: | 4%
|
|
|
| Euro-denominated 10-year notes
|
| Amount: | €1.25 billion
|
| Maturity: | 10 years
|
| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Spread: | 367 bps
|
| Price talk: | 4¾%
|
|
|
| Euro-denominated 12-year notes
|
| Amount: | €500 million
|
| Maturity: | 12 years
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 399 bps
|
| Price talk: | 5¼%
|
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