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SoftBank secures $40 billion loan to fund investment in OpenAI
Investing.com - SoftBank Group Corp. announced on Friday that it has signed a $40 billion bridge loan agreement to fund its follow-on investment in OpenAI and for general corporate purposes.
The loan agreement was signed on Friday, with JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank serving as lenders. The loan is set to mature on March 25, 2027.
This bridge loan is intended to raise the funds needed for SoftBank to make a $30 billion follow-on investment in OpenAI Group PBC through the SoftBank Vision Fund 2. SoftBank entered into a definitive agreement with OpenAI on February 27 to participate in the company’s funding round.
Borrowings under the bridge loan agreement are expected to be repaid in phases before maturity by utilizing existing assets and other financing measures.
After the follow-on investment is completed, SoftBank’s total investment in OpenAI is expected to reach $64.6 billion, representing approximately 13% ownership equity. The follow-on investment is subject to customary closing conditions.
This article was translated with the assistance of artificial intelligence. For more information, please see our terms of use.