By Paul A. Harris
Portland, Ore., July 13 – SoftBank Group Corp. priced $4.5 billion of undated subordinated resettable hybrid notes (Ba3/B+) in two tranches, according to a prospectus filed on Thursday by the company.
The issuance included $2.75 billion of 6% notes, which become callable after five years, and $1.75 billion of 6 7/8% notes, which become callable after 10 years.
The notes in both tranches were priced at par.
The coupon on the 6% notes steps up by 25 basis points on July 19, 2023 and a further 75 bps on July 19, 2038. For the 6 7/8% notes, the step up is 25 bps on July 19, 2027 and a further 75 bps on July 19, 2042.
Morgan Stanley & Co. International plc, Deutsche Bank AG Singapore Branch and Merrill Lynch International were the global coordinators.
Credit Suisse (Hong Kong) Ltd., Mizuho Securities Asia Ltd., Credit Agricole CIB and J.P. Morgan Securities plc were the joint bookrunners.
Proceeds will be used for general corporate purposes.
The issuer is a Japanese multinational telecommunications firm based in Tokyo.
| Issuer: | SoftBank Group Corp.
|
| Amount: | $4.5 billion
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| Maturity: | Perpetual
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| Securities: | Undated subordinated resettable hybrid notes
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| Global coordinators: | Morgan Stanley & Co. International plc, Deutsche Bank AG Singapore Branch, Merrill Lynch International
|
| Joint bookrunners: | Credit Suisse (Hong Kong) Ltd., Mizuho Securities Asia Ltd., Credit Agricole CIB, J.P. Morgan Securities plc
|
| Announcement date: | July 13
|
| Settlement date: | July 19
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| Ratings: | Moody's: Ba3
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| S&P: B+
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| Placement: | Private, qualified institutional buyers outside the United States
|
|
|
| Non-call-five notes
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| Amount: | $2.75 billion
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| Initial call date: | July 19, 2023
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| Coupon: | 6%, steps up by 25 bps on July 19, 2023 and a further 75 bps on July 19, 2038
|
| Price: | Par
|
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|
| Non-call-10 notes
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| Amount: | $1.75 billion
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| Initial call date: | July 19, 2027
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| Coupon: | 6 7/8%, steps up by 25 bps on July 19, 2027 and a further 75 bps on July 19, 2042
|
| Price: | Par
|
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