Microsoft-backed (MSFT) OpenAI investor SoftBank Group is seeking a $10 billion loan to refinance debt incurred from its investment in the AI company, Bloomberg News reported Thursday, citing people familiar with the matter.
The proposed two-year facility carries an interest margin of around 275 basis points above the benchmark Secured Overnight Financing Rate, with Mizuho Bank acting as lead arranger, the news outlet quoted the people as saying.
Proceeds may partially go toward repaying a $40 billion bridge loan gotten earlier this year for the investment, with bank commitments due Aug. 31, Bloomberg News reported, citing the people.
OpenAI, SoftBank Group, and Mizuho Bank did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Comments