AIBRIEF
The Japanese tech investor swaps a short term bridge loan for multi year debt ahead of an Oct. 1 close on its third OpenAI follow on payment.
SoftBank is pricing roughly $11 billion in USD and euro senior unsecured notes to refinance a $10 billion short-term bridge loan and fund the third installment of its follow-on OpenAI investment ahead of an Oct. 1 close. The bond package combines about $10 billion in dollar tranches with roughly €1 billion (about $1.1 billion at recent rates) in euro notes, per the term sheet carried by Reuters via KSL.
The dollar issuance splits into 3.5-year, 5.5-year, and 7.5-year tenors; the euro side runs 4-year and 6-year. Pricing is set for September 24, settlement for September 29, two business days before the third OpenAI tranche closes. Citigroup and JPMorgan are lead bookrunners.
The structure converts short-dated bridge financing into multi-year unsecured debt. The $10 billion bridge was placeholder capital for the same Oct. 1 close that the new bonds now fund. SoftBank could not be reached for comment on the announcement day, a Japanese holiday.
The issuance sits inside the follow-on commitment SoftBank announced on February 27, 2026, which tied the OpenAI draw to the Stargate AI infrastructure buildout. The term sheet, not the wire, is the load-bearing document here.