SoftBank Seeks $20 Billion Junk-Bond Sale to Refinance OpenAI Funding

SoftBank is heading to Wall Street in search of investors for a potential junk-bond sale worth up to $20 billion. The Japanese tech conglomerate has scheduled meetings at Citigroup's New York offices from September 14-17 to explore the US dollar offering, which could range between $10 billion and $20 billion.

The purpose of the bond sale is to refinance a $40 billion bridge loan SoftBank took out to fund its commitments to OpenAI, where its total expected investment approaches $64.6 billion. The financing puzzle behind SoftBank's AI ambitions is complex, as the company currently holds a BB+ credit rating from S&P, which means higher borrowing costs and a smaller pool of eligible buyers.

CFO Yoshimitsu Goto and other SoftBank executives will lead the New York meetings, joined by representatives from Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The potential offering may include both dollar and euro tranches, and if launched, it could commence as early as September 2026.