Underwriting of Subsidiary’s Capital Increase
The Board of Directors of SOFTBANK CORP., resolved in a meeting held today to underwrite a capital increase by SOFTBANK BB Corp. (Head office: Chuo-ku, Tokyo; Representative: Masayoshi Son; hereinafter called “SBB”), a wholly-owned subsidiary of SOFTBANK CORP. The details are provided below.
1. Outline of SBB capital increase
| (1) Number of shares to be issued | 500,000 |
|---|---|
| (2) Issue price | 25.0 billion yen (50,000 yen per share) |
| (3) Allocation to capital | 12.5 billion yen (25,000 yen per share) |
| (4) Method | Allocation to a shareholder (Effectively a debt-equity swap) |
| (5) Payment Date (scheduled) | January 30, 2003 |
2. Prupose of capital increase
The purpose of the capital increase is to enhance SBB’s capital and strengthen its financial base by converting into capital of SBB a portion of the existing loans furnished to SBB by SOFTBANK CORP. (The capital increase will in effect be a debt-equity swap.)
The Board of Directors of SBB has already resolved in a meeting held on January 7, 2003 to issue new shares with a maximum paid-in capital of 120.0 billion yen (including the 25.0 billion yen from this capital increase) and a deadline of the end of March 2003 for completion of the capital increase.
SOFTBANK CORP. intends to underwrite all of the shares to be issued by SBB by the end of March 2003 (including this capital increase) in the form of such debt-equity swap.
3. Profile of SBB following this capital increase
| (1) Capital | 15.5 billion yen (3.0 billion yen before this capital increase) |
|---|---|
| (2) Ratio of voting rights to total shares | 100% (no change) |
4. After this capital increase, SBB will constitute a “designated subsidiary” pursuant to the Cabinet Ordinance Concerning Disclosure of Corporate Affairs, etc.
5.This capital increase will have negligible impact on the results of SOFTBANK CORP. for the fiscal year ending March 2003.
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