On August 26, foreign media reported, citing sources with insider knowledge, that SoftBank Group is currently in discussions with investment banks regarding the issuance of bonds valued between $10 billion and $20 billion. The purpose of this bond issuance is to refinance the loans that SoftBank acquired for its investment in OpenAI. These bonds are likely to be denominated in both U.S. dollars and euros, with the potential for issuance as early as September. A portion of the proceeds from these bonds will be earmarked for repaying a $40 billion bridge loan that SoftBank secured earlier in the year, specifically for its investment in OpenAI. SoftBank has plans to invest nearly $65 billion in OpenAI by October, with a portion of these funds being sourced from loans.

In a departure from the norm for most of its previous international bond issuances, SoftBank is contemplating issuing bonds under Rule 144A for the first time in over ten years. This strategic move would enable its bonds to be sold to U.S. institutional investors. According to the sources, this approach would not only provide SoftBank with access to a broader pool of capital but also stimulate greater demand for the bond issuance.