SoftBank expands $6.05bn credit facility to $6.5bn with 20-plus banks
SoftBank Group has added $450m to an existing credit line, lifting the facility to $6.5bn, people familiar with the matter told Bloomberg.
Set against what the company is spending on OpenAI, the sum is a rounding error. Set against the week SoftBank has just had, it is more like a seatbelt.
The previous facility, worth $6.05bn, was due to expire this month, and the expanded line gives SoftBank another year to draw on it, Bloomberg reported on September 18. More than 20 banks are involved, and the new money carries an interest margin of 210 basis points over the Secured Overnight Financing Rate.
Whether SoftBank has drawn anything or intends to is unknown. A company representative declined to comment to Bloomberg. TNW has not independently verified the reporting, which rests on people who asked not to be identified because the arrangement is private.
Commitment lines of this kind are...
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