By Paul A. Harris
Portland, Ore., April 17 – SoftBank Group Corp. made a benchmark placement of senior notes (Ba1/BB+) in four tranches on Tuesday, according to market sources.
The deal included:
• €1 billion of five-year notes that priced at par to yield 4%. The yield printed atop final talk and at the tight end of initial talk in the 4 1/8% area;
• $300 million of five-year notes that priced at par to yield 5½%. The yield printed on top of final talk and in the middle of initial talk in the 5½% area;
• €450 million of seven-year notes that priced at par to yield 4½%. The yield printed on top of final talk and at the tight end of initial talk in the 4 5/8% area; and
• $450 million of seven-year notes that priced at par to yield 6 1/8%. The yield printed on top of final talk and in the middle of initial talk in the 6 1/8% area.
Aggregate orders for the deal topped $5 billion equivalent, a source said.
Joint global coordinator Deutsche Bank will bill and deliver. Morgan Stanley and BofA Merrill Lynch were also joint global coordinators.
The Tokyo-based multinational holding company plans to use the proceeds for the Regulation S only deal to repay debt.
| Issuer: | SoftBank Group Corp.
|
| Securities: | Senior notes
|
| Joint global coordinators: | Deutsche Bank (bill and deliver), Morgan Stanley, BofA Merrill Lynch
|
| Joint bookrunners: | Daiwa, Mizuho, Nomura, SMBC Nikko
|
| Trade date: | April 17
|
| Settlement date: | April 20
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Regulation S
|
| Marketing: | Roadshow
|
|
|
| Euro-denominated five-year notes
|
| Amount: | €1 billion
|
| Maturity: | April 20, 2023
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4%
|
|
|
| Dollar five-year notes
|
| Amount: | $300 million
|
| Maturity: | April 20, 2023
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Price talk: | 5½%
|
|
|
| Euro seven-year notes
|
| Amount: | €450 million
|
| Maturity: | April 20, 2025
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Price talk: | 4½%
|
|
|
| Dollar seven-year notes
|
| Amount: | $450 million
|
| Maturity: | April 20, 2025
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Price talk: | 6 1/8%
|
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