SoftBank Group extends its credit line to $6.5 billion and prolongs the term by one year

According to sources familiar with the matter, SoftBank Group has secured an additional $450 million, expanding its existing credit line to $6.5 billion, providing the Japanese conglomerate with greater financial flexibility for expanding investments in artificial intelligence. The sources indicated that the previous $6.05 billion credit line was due to expire this month, and SoftBank now has an extra year to utilize the expanded facility. It is not clear whether SoftBank has drawn on this new limit or plans to do so. According to the sources, more than 20 banks are participating in the expansion of the credit line. They added that the new agreement's interest rate is 210 basis points above the benchmark secured overnight financing rate.