Softbank Group launches over $10 billion in bonds for OpenAI investment, term sheet shows

SoftBank Group Corp has launched $10 billion and 1 billion euro-denominated senior unsecured notes to fund its investment in OpenAI, a term sheet showed on Monday.

The dollar-denominated notes are split into 3-1/2-year, 5-1/2-year and 7-1/2-year tenors, while the euro-denominated bonds are split into 4-year and 6-year tenors, according to the term sheet.

Proceeds will be used to fund SoftBank’s $10 billion payment for the third tranche of its follow-on investment in OpenAI, which is expected to close on October 1, and for general corporate purposes, the term sheet said.