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SoftBank In Talks For $2.8B Financing from Multiple Japan Banks

Investing.com - SoftBank Group is in talks with multiple Japan-based banks for financing worth as much as 300 billion yen ($2.8 billion), Bloomberg reported on Thursday citing people familiar with the matter.


The funds will be used to pay for SoftBank’s $3 billion tender offer to shareholders of the troubled co-working company WeWork, the report said.


“We are evaluating our options flexibly while considering cash on hand,” SoftBank spokeswoman Hiroe Kotera said in an emailed statement cited by Bloomberg. Bank loans “are one option, but nothing has been decided,” Kotera said.


The Japanese company agreed a rescue package worth $9.5 billion for WeWork last month. SoftBank reported its first quarterly operating loss in 14 years earlier this year as it had to write down the value of investment on WeWork and some other marquee investments.


Shares of SoftBank last traded at 4,129 yen by 11:16 PM ET (03:16 GMT), down 2.2%.


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