SoftBank offers to buy 15 note series for $2.25 billion, seeks consents

By Taylor Fox

New York, Feb. 22 – SoftBank Group Corp. commenced concurrent tender offers and a consent solicitation on 15 series of notes, according to a company announcement.

SoftBank is offering to purchase notes from the following series for an aggregate purchase consideration of up to $2.25 billion:

• 5 3/8% dollar-denominated senior notes due 2022;

• 5½% dollar-denominated senior notes due 2023;

• 4¾% dollar-denominated senior notes due 2024;

• 6 1/8% dollar-denominated senior notes due 2025;

• 6% dollar-denominated senior notes due 2025;

• 5 1/8% dollar-denominated senior notes due 2027;

• 6¼% dollar-denominated senior notes due 2028;

• 4% euro-denominated senior notes due 2022;

• 4% euro-denominated senior notes due 2023;

• 4½% euro-denominated senior notes due 2025;

• 4¾% euro-denominated senior notes due 2025;

• 3 1/8% euro-denominated senior notes due 2025;

• 5¼% euro-denominated senior notes due 2027;

• 5% euro-denominated senior notes due 2028; and

• 4% euro-denominated senior notes due 2029.

The tender offer will be conducted via a modified Dutch auction.

Concurrently with the tender offers, SoftBank is soliciting consents from holders of a majority of the outstanding amount of each series of notes to amend some provisions of the indentures governing the notes.

The company is offering a consent fee of $10 per $1,000 of dollar-denominated notes and €10 per €1,000 of euro-denominated notes.

The tender offers and consent solicitation will expire at 11 a.m. ET March 5.

Settlement is expected for March 10.

Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Credit Agricole CIB are the dealer managers and solicitation agents.

Lucid Issuer Services Ltd. is the tender and information agent.

Softbank is a Tokyo-based holding company.

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