SoftBank Group Corp. has secured commitments for a loan of about US$9 billion for its SoftBank Vision Fund from banks, Bloomberg News reported Oct. 17, citing people close to the matter.

The banks reportedly comprise arrangers and underwriters of the upcoming initial public offering of the Japanese conglomerate's telecom unit SoftBank Corp.

The IPO's top underwriters, Nomura Holdings Inc. and Goldman Sachs Group Inc., are settling the loan terms and stakes in five holdings of the technology-oriented investment fund will be used as collateral, according to the sources.

Loans terms are subject to change, Bloomberg News said.

Masayoshi Son, SoftBank Group's chairman and CEO, had earlier told potential underwriters seeking a role in the IPO to lend to other units of the parent company.

The nearly US$100 billion Vision Fund has holdings in companies including ARM Holdings PLC, Uber Technologies Inc. and WeWork Cos. among others.

In August, SoftBank was eyeing a US$90 billion valuation for its domestic telecom unit and was looking to sell about US$30 billion, or a third, of SoftBank Corp. in the largest IPO ever.