Softbank to Repurchase Up To $1.86 Billion of Corporate Bonds, Reduce Debt

 Softbank to Repurchase Up To $1.86 Billion of Corporate Bonds, Reduce Debt
imageStock Markets9 hours ago (Jun 29, 2020 02:01AM ET)

(C) Reuters.

By Gina Lee – Japanese tech giant Softbank (OTC:SFTBY) Group said on Monday that it will repurchase up to JPY200 billion ($1.86 billion) of its domestic unsecured corporate bonds.

The purchases will be made between June 30 to July 17 and is part of the company’s ongoing plan to pay down debt. Softbank’s Chief Executive Masayoshi Son launched an ambitious $41 billion asset monetization program to fund share buybacks and reduce the debt burden after some sour investments led the company to report a record annual loss earlier in the year.

These investments include a $3 billion tender offer for co-working spaces provider WeWork, which was withdrawn in April.

Meanwhile, Softbank added a gain of around JPY600 billion in the second quarter from the previous week’s sale of its stake in T-Mobile U.S.

But concerns over Softbank’s sale plans led Moody to revise its outlook for the company during the previous week.

Softbank’s shares were down 2.67% to JPY5385 by 1:38 AM ET (6:38 AM GMT).

Softbank to Repurchase Up To $1.86 Billion of Corporate Bonds, Reduce Debt

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