Softbank To Procure About Y1.28 Trillion For Vodafone Japan Buy
TOKYO -(Dow Jones)- Softbank Corp. plans to procure around Y1.28 trillion from a syndicate of Japanese and overseas financial institutions for its planned acquisition of the Japanese unit of Vodafone Group, people familiar with the transaction said Tuesday.
The Japanese Internet and telecommunications company will take one-year bridge loans from about 10 financial institutions, including Deutsche Bank, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp., Citibank, Goldman Sachs Group and WestLB, one of the sources said.
How much each institution plans to extend to Softbank will depend on how many institutions will participate in the syndicated loans. Bankers are considering the possibility of expanding the number of creditors by conducting a secondary syndicated-loan offering, the source said.
A spokesman at Softbank said the company was looking into the matter.
When Softbank announced the acquisition of Vodafone K.K. last month, which is valued at around $15 billion, Softbank President Masayoshi Son said it planned to shift to longer-term funds after the bridge loans.
-By Natsuo Nishio, Dow Jones Newswires; 813-5255-2929;natsuo.nishio@dowjones.com
-Edited by Jay Alabaster
(END) Dow ones Newswires "
Posted to the site on 4th April 2006
