56ID Cred Ag Co 27

TIDM56ID

RNS Number : 5607J

Softbank Corp

01 July 2011

July 1, 2011

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         Mizuho Corporate Bank, Ltd. 
  institutions for the syndication    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) 
----------------------------------  ------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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