SoftBank gives results on offers to buy 15 note series for $2.25 billion

By Taylor Fox

New York, March 8 – SoftBank Group Corp. announced the results of its concurrent tender offers and consent solicitation on 15 series of notes, according to a company announcement.

As of the 11 a.m. ET March 5 expiration, $2,059,000,000 equivalent of the notes were validly tendered and accepted for purchase for a total tender consideration of $2.25 billion equivalent.

Specifically, SoftBank received the following notes in the tender offer:

• $229,866,000 at a 105% clearing price of 5 3/8% dollar-denominated senior notes due 2022;

• $135,835,000 at a 108.25% clearing price of 5½% dollar-denominated senior notes due 2023;

• $373,223,000 at a 108.625% clearing price of 4¾% dollar-denominated senior notes due 2024;

• $78,268,000 at a 113% clearing price of 6 1/8% dollar-denominated senior notes due 2025;

• $112,191,000 at a 112.875% clearing price of 6% dollar-denominated senior notes due 2025;

• $48,845,000 at a 110.375% clearing price of 5 1/8% dollar-denominated senior notes due 2027;

• No amount of 6¼% dollar-denominated senior notes due 2028;

• €99.55 million at a 104.75% clearing price of 4% euro-denominated senior notes due 2022;

• €363,011,000 at a 106.625% clearing price of 4% euro-denominated senior notes due 2023;

• €87,756,000 at a 111.375% clearing price of 4½% euro-denominated senior notes due 2025;

• €56,268,000 at a 112.5% clearing price of 4¾% euro-denominated senior notes due 2025;

• €289,483,000 at a 105.75% clearing price of 3 1/8% euro-denominated senior notes due 2025;

• No amount of 5¼% euro-denominated senior notes due 2027;

• No amount of 5% euro-denominated senior notes due 2028; and

• No amount of 4% euro-denominated senior notes due 2029.

The tender offer was conducted via a modified Dutch auction.

Concurrently with the tender offers, SoftBank received requites 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 amendments will become operative on the settlement date, which is expected to be March 10.

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

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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