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SoftBank begins consent solicitations for seven series of its notes
By Angela McDaniels
Tacoma, Wash., Nov. 28 – SoftBank Group Corp. is soliciting consents from the holders of seven series of its notes in two separate consent solicitations, according to company news releases.
The first consent solicitation is for the company’s $1 billion 6% senior notes due 2025, $1 billion 5 3/8% senior notes due 2022, €500 million 5¼% senior notes due 2027, €1.25 billion 4¾% senior notes due 2025 and €500 million 4% senior notes due 2022. The notes were issued in 2015.
The company is seeking consents from the holders of the 2015 notes to make a technical change to an event of default provision in the note indenture relating to payment default and cross-acceleration with respect to debt guaranteed by the company or SoftBank Corp.
The second consent solicitation is for the company’s $2,485,000,000 4½% senior notes due 2020 and €625 million 4 5/8% senior notes due 2020. The notes were issued in 2013.
According to the company, the covenants of the indenture governing the 2015 notes are generally oriented toward limiting certain debt obligations at the company and SoftBank Corp., while the indenture governing the 2013 notes as currently in effect is oriented toward limiting debt obligations at non-guarantor subsidiaries.
The company said the principal purpose of the 2013 notes consent solicitation is to amend some provisions in the 2013 note indenture to bring them into conformity with the terms of the 2015 note indenture.
The company is offering a 0.25% consent fee to holders of the 2015 notes and a 1% consent fee to holders of the 2013 notes.
The consent deadline is 11 a.m. ET on Dec. 9 for the 2015 notes and 5 p.m. ET on Dec. 9 for the 2013 notes.
Each consent solicitation is subject to the receipt of consents from the holders of at least a majority of the notes covered by that consent solicitation.
The solicitation agent is Deutsche Bank AG, London Branch (+44 20 7545-8011, 855 287-1922, 212 250-7527, +65 6423 7969, +852 2203 8652 or liability.management@db.com). The information and tabulation agent is D.F. King (800 581-5607, +44 20 7920 9700, +852 3953 7230, softbank@dfkingltd.com or https://sites.dfkingltd.com/softbank).
SoftBank is a Tokyo-based telecommunications company.
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