'Softbank In Talks With Lenders On Securing $10B Margin Loan Backed By OpenAI Stake And Repayment Guarantee; Previous Softbank Efforts To Secure Loan Against Its OpenAI Stake Had Stalled Due To Lack Of Lender Support; Goldman Sachs, JPMorgan Chase...
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- SoftBank has reopened talks on $10 billion OpenAI margin loan, sources say
- SoftBank now offering corporate guarantee if OpenAI collateral proves insufficient, sources say
- Lenders in the consortium include Goldman Sachs, JPMorgan and Mizuho, sources say
July 1 - SoftBank Group has reopened talks with a consortium of lenders for a $10 billion loan backed by its stake in OpenAI, after earlier attempts to secure a loan stalled over concerns about the difficulty of valuing private companies, two people familiar with the matter said.
To make lenders more comfortable, the Japanese technology investor is offering to guarantee repayment of the loan, giving banks recourse to SoftBank if the OpenAI shares pledged as collateral lose value, the people said.
The lending consortium is expected to include Goldman Sachs GS.N, JPMorgan Chase JPM.N and Mizuho Financial Group, the people said.
SoftBank and OpenAI did not respond to requests for comment. Goldman Sachs, JPMorgan and Mizuho declined to comment.