SOFTBANK announces Rental Modem Liquidation Funding SchemeJul. 17, 2003
SOFTBANK BB Corp. (“SBB”), a wholly-owned subsidiary of SOFTBANK CORP. (“SOFTBANK”), entered into contracts today with a consolidated subsidiary of SOFTBANK, BB Modem Rental PLC (“BBMR”; Head office: Cayman Islands) for the transfer of access devices (“Modems”) and all rights and obligations of SBB under the relevant Modem rental agreements with customers.
Upon the execution of the contracts, the first funding scheme through “Rental Modem Liquidation”, which we have already announced, will be carried out and funds will be delivered.
Customers’ personal information will be tightly-controlled by SBB and BBMR, and will be subject to strict confidentiality provisions.
1. Funding Objective and Use of Funds
The scheme is aimed at diversifying the funding channels for raising the funds necessary for the broadband business, which is a business that the SOFTBANK group has been promoting with the full support of the group as a whole.
A portion of the funds will be allocated to initial investments including capital expenditure for Modems and customer acquisition costs, which may arise in relation to the increase in the number of customers who pay for and receive the “Yahoo! BB” services. The continuous liquidation (including by means of securitization) of Modems and others will provide flexible funding to the SOFTBANK group.
2. Outline of Funding
(1) The number of Modems to be sold
BBMR (Special Purpose Company)
(3) Total amount of funds to be raised
19.14 billion yen
(4) Schedule for delivery
The end of July, 2003 (scheduled)
3. Handling of Personal Information
In connection with this scheme, the personal information of customers, who do not object to the transfer of Modems or their contractual rights and obligations under the relevant Modem rental agreements will be disclosed by SBB to BBMR, only to the extent necessary. The information to be disclosed is limited to that which is necessary to confirm the identity of the customers and the existence of the Modems (such as the name, address, telephone number, e-mail address of the customer and the type of service provided to such customer). The bank account and credit card number of each customer etc. will not be disclosed.
The transfer of Modems and the relevant Modem rental agreements from SBB to BBMR will not change the terms and conditions of the Modem rental agreements and each customer has an option of not accepting the transfer. Customers’ personal information will continue to be tightly-controlled by SBB and BBMR, and will be subject to strict confidentiality provisions.
For your reference
BB Rental Modem PLC
|Tokyo branch office||2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo, Japan|
|Head office||Maples Finance Limited, P.O. Box 1093GT, Queensgate House, South Church Street, George Town, Grand Cayman, Cayman Islands|
(of common shares)
|Maples Finance Limited 250 Shares ($ 250)|
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