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SoftBank Group to raise ¥450B via straight bond offer in June

SoftBank Group Corp. is looking to raise nearly ¥450 billion through a straight bond offer aimed at Japan's retail and institutional investors, Nikkei Asian Review reported May 26.

The funds will be utilized to partly finance its debt burden. The company will float six-year bonds worth ¥410 billion targeting retail investors and another ¥50 billion for institutional investors. Yearly coupon rates between 1.25% and 1.85% for both tranches will be set.

SoftBank Corp., the domestic mobile phone business of SoftBank Group, will not stand as a guarantor to the bonds for its parent, as it prepares for its IPO. The arms independence from its parent is reportedly under scrutiny and SoftBank Group has said it will move its unit's guarantees to bonds and loans already issued after the proposed listing on the Tokyo Stock Exchange Inc. gets a go-ahead.

SoftBank Group's annual operating profit for the year ended March grew, in line with analyst estimates, as a result of the Japanese telecom and tech firm's aggressive investments in technology firms globally. The company's net income fell by 27.2% to ¥1.039 trillion.

As of May 25, US$1 is equivalent to ¥109.37.