The new participants joined during a broader syndication phase for the one-year facility, which was initially arranged by JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation and MUFG Bank. The loan is scheduled to mature on March 25, 2027.
The expansion indicates substantial demand among international banks for a share of one of the largest dollar-denominated corporate loans arranged by a Japanese company. It also reduces the amount that the original underwriters must retain on their balance sheets.
SoftBank signed the unsecured bridge facility in March, primarily to finance a $30 billion follow-on investment in OpenAI through SoftBank Vision Fund 2. Part of the borrowing may also be used for general corporate purposes.
The company had invested an aggregate $34.6 billion in OpenAI through Vision Fund 2 from September 2024 before agreeing to the additional commitment. OpenAI has become the central element of founder Masayoshi Son’s strategy to reposition SoftBank around artificial intelligence, semiconductor design, robotics and data-centre infrastructure.
Earlier stages of the syndication attracted institutions including HSBC, BNP Paribas and Intesa Sanpaolo. Banks were initially invited to make large commitments as sub-underwriters before the facility was distributed to a wider group of lenders in smaller portions.
The bridge loan carries an initial interest margin of about 2.5 percentage points above the Secured Overnight Financing Rate. Its short maturity means SoftBank will need to replace or repay the borrowing through longer-term debt, asset sales, cash reserves or other secured financing before March next year.
SoftBank has already begun diversifying its funding sources. The group raised $1.5 billion and €1.75 billion through international bond offerings in April, with part of the proceeds earmarked for refinancing obligations connected to the OpenAI investment. The bonds carried comparatively high coupons, reflecting both market conditions and the risks attached to SoftBank’s increasingly concentrated artificial intelligence strategy.
The company has also explored a separate loan of about $10 billion backed by its OpenAI holding. Discussions had faced resistance because banks found it difficult to value shares in a privately held technology company and assess how quickly the collateral could be sold in a stressed market.
SoftBank later offered lenders recourse to its own balance sheet if the pledged OpenAI shares lost value, strengthening creditor protection. JPMorgan Chase, Goldman Sachs and Mizuho Financial Group have been involved in those negotiations.
The bridge facility itself is unsecured, leaving lenders reliant on SoftBank’s overall creditworthiness rather than a designated pool of collateral. Its successful syndication nevertheless suggests that banks remain willing to support the group’s strategy when pricing, documentation and risk-sharing terms provide adequate protection.
The transaction is also a test of financial institutions’ appetite for debt tied indirectly to privately owned artificial intelligence companies. OpenAI requires vast amounts of capital to train models, purchase advanced chips and build computing infrastructure, while the timing and scale of future profits remain uncertain.
Banks participating in the loan gain access to a prominent corporate relationship and sizeable fee income. They also assume exposure to a borrower whose asset values can fluctuate sharply because much of its portfolio is concentrated in technology businesses.
SoftBank has sought to maintain its loan-to-value ratio below 25 per cent, a self-imposed ceiling designed to reassure creditors and shareholders. Heavy spending on OpenAI could place pressure on that target unless the company raises additional capital, monetises listed holdings or benefits from higher valuations across its portfolio.
Arm Holdings remains one of SoftBank’s most valuable publicly traded assets and an important source of potential liquidity. The group has previously used Arm shares to support financing arrangements while retaining control of the chip designer.
The latest syndication comes as banks compete to finance artificial intelligence investments spanning data centres, power generation and semiconductor supply. Loans connected to major technology companies or infrastructure projects have become increasingly large as computing requirements escalate.
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