Securitization of Mobile Handsets Installment Sales Receivables
SOFTBANK MOBILE Corp. (Head office: Minato-ku, Tokyo; Representative: Masayoshi Son; hereinafter “SBM”), a consolidated subsidiary of SOFTBANK CORP. (hereinafter the “Company”), started the installment sales of mobile handsets (New Super Bonus) from September, 2006, and we announced today that we procured 88.1 billion yen in total by securitizing the receivables of these installment sales. Since a high rating of Aaa and A was obtained for this procurement it could be executed at an interest rate lower than that of the existing loans of SBM, which contributed to cost reduction. The procured amount of 88.1 billion yen will be allocated to SBM capital expenditure etc., and the repayment of the loan procured through the securitization of the mobile business (1,335 billion yen as of the end of March 2007) by SBM. Continuous funding through the securitization of mobile handsets installment sales receivables is planned in the future by SBM.
Overview of this procurement is as follows.
1.Overview
| Program for institutional investors | Program for individual investors | |
|---|---|---|
| (1) Procurement date | June 29, 2007 | |
| (2) Repayment method | Monthly pass-through repayment | |
| (3) Purpose | Capital expenditures etc. and repayment of existing SBM loan | |
| (4) Amount | 65.1 billion yen | 23.0 billion yen |
| (5) Rating | Aaa(Moody’s) | A(R&I) |
| (6) Funding Market | Domestic ABS market, domestic ABL market | Money trust for individual investors |
| (7) Arranger |
|
|
| (8) Trustee Bank | Mizuho Trust & Banking Co., Ltd. | Mizuho Trust & Banking Co., Ltd. |
2. Impact on financial results
The impact of this procurement on the financial results of the Company is expected to be very minor.
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