Refinancing of Acquisition Finance of Vodafone K.K.
SOFTBANK CORP. (hereafter “the Company”) announces that today it received commitment letters from 17 financial institutions for their participation in the syndicated loan aimed at refinancing the funds procured by SOFTBANK MOBILE Corp. (hereafter “SBM”) associated with the acquisition of Vodafone K.K. The interest of the syndicated loan is expected to be significantly reduced compared to SBM's previous borrowings, reflecting the improvement of the Company's credit.
There is no change in the SOFTBANK Group's target of reducing its consolidated net interest-bearing debt as of the end of March 2009 by half over three years (as of the end of March 2012), and to zero over six years (as of the end of March 2015).
Summary of the syndicated loan (tentative)
| (1) Borrower | SOFTBANK CORP. |
|---|---|
| (2) Total amount of borrowings | JPY 550.0 billion |
| (3) Date of contract | July 22, 2011 |
| (4) Loan execution date | First: July 27, 2011 Second: October 27, 2011 |
| (5) Repayment method | Installment payment |
| (6) Final repayment date | March 27, 2015 |
| (7) Participating financial institutions for the syndication | Mizuho Corporate Bank, Ltd. Sumitomo Mitsui Banking Corporation The Bank of Tokyo-Mitsubishi UFJ, Ltd. Credit Agricole CIB Deutsche Bank AG, Tokyo Branch and others. Total 17 institutions |
| (8) Collateral or warranty | Not applicable |
| (9) Use of proceeds | Repayment of borrowing made by SBM (to be repaid in full on October 27, 2011) |
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