SoftBank Seeks Over $11B in Junk Bonds to Fund $10B Third Tranche of OpenAI Investment

SoftBank is issuing $10B of USD notes across three tenors and €1B ($1.1B) of euro notes across two tranches to fund a $10B third tranche of its follow-on OpenAI investment, expected to price Sept 24 and settle Sept 29. Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley are underwriting, one of the largest junk-rated bond deals ever. Total SoftBank commitment to OpenAI approaches $65B for a 13% stake, implying a $730B pre-money valuation.