Lawstreet Journal

Softbank Repurchases Corporate Bonds Worth $1.9 Billion

Lawstreet Journal 30 Jun 2020 1:15am

Image courtesy: Lawstreet Journal Business Softbank Repurchases Corporate Bonds Worth $1.9 Billion

On 29th June 2020, Softbank Group Corp of Japan announced that it will repurchase up to 200 billion yen (USD 1.9 billion) of its domestic unsecured corporate bonds, as a part of its plan to pay down debt, from 30th June 2020 to 17th July 2020. 

Chief Executive of Softbank Masayoshi Son is undertaking an Asset MonetisationProgramme to raise USD 41 billion to fund share buybacks and reduce debt, due to a series of soured technical investments that drove the Softbank Group Corp of Japan to a record annual loss. 

The tech conglomerate has announced that it expects to record a profit of about 600 billion yen (USD 5.6 billion) in the April- June quarter on the sale of part of its stake in T-Mobile USA and the revaluation of the stock it still owns. The derivative liability from call options received by Deutsche Telekom, the top shareholder of the wireless carrier, is not included in that figure. Softbank’s leveraged balance sheet has earned it an oversized presence in Japan's junk bond market, backed by a dedicated retail investor base with a brand name that also owns Japan's third-largest wireless carrier. 

The massive asset sale program caused concern among credit rating companies, with Moody's analysis of last week's outlook – reigniting a dispute with SoftBank, which in March called for its ranking to be withdrawn. 

Recently, on 20th June 2020, Softbank Group Corp announced that it will invest $2 million or more in 14 US startups led by black founders and other underrepresented groups… Continue Reading...


Tagged: Soft Bank  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.