SoftBank shares rise on $1.86 billion debt offering as CEO talks up ‘super’ AI

SoftBank on Friday announced plans to issue euro and dollar-denominated bonds as it looks to pay down debt and focus its investments on artificial intelligence.

The huge Japanese holding company said it will issue around $900 million in U.S. dollar-denominated bonds in two tranches, and 900 million euros ($962.8 million) worth of bonds, also in two tranches. These will have interest rates ranging from 5.4% to 7% per annum.

SoftBank said the money raised will be used for “repayment of indebtedness and for general corporate purposes.”

Its shares closed up 2.5% after news of the bond issuance.

Source: CNBC