SoftBank revives $10bn OpenAI-backed loan with a new sweetener for lenders

SoftBank has gone back to lenders with a $10bn loan proposal secured against its OpenAI stake, and this time it is offering to personally guarantee the debt, according to Reuters, which cited people familiar with the discussions.

The concession gives banks recourse to SoftBank itself if the pledged OpenAI shares fall short of covering the loan, addressing the core objection that sank an earlier version of the deal.

The renewed talks mark the third iteration of a facility that has shrunk, stalled, and now grown teeth. SoftBank originally floated the $10bn margin loan in the spring, then cut the target to as little as $6bn in May after several creditors balked at pricing debt against an unlisted, difficult-to-value asset.

Even that smaller version reportedly hit a snag before talks paused altogether. The lending group under discussion is expected to include Goldman Sachs, JPMorgan Chase and Mizuho Financial Group, the...

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