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SoftBank Group Plans 260 Billion Yen Hybrid Note Issuance in Japan for Individual Investors

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SoftBank Group (TYO:9984) plans to issue 260 billion yen in hybrid notes with optional interest payment deferral, mainly targeting individual investors in Japan.

The 35-year notes, tentatively priced at 4.80%-5.60% for the first five years before switching to a floating rate, feature a step-up interest provision and can be redeemed early starting June 2031, according to a Tokyo bourse filing on Monday.

While treated as interest-bearing debt for accounting purposes, the notes receive 50% equity treatment from rating agencies due to their long maturity, subordination, and deferral options.

Proceeds will help replace U.S. dollar-denominated hybrid notes reaching their first call date in July 2027. The offering runs from June 8 to June 18, with final terms to be set on June 5.

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