Softbank to sell €500 million seven-year notes

By Paul Deckelman

New York, Sept. 26 - Softbank Corp. is expected to sell €500 million of seven-year senior unsecured notes, junk market primary sources said Tuesday.

The deal will be brought to market by book-running manager Deutsche Bank Securities, following a roadshow slated to begin on Wednesday.

The notes will be non-callable for the first four years after issue. They are expected to carry a Ba2 rating from Moody's Investors Service and a BB- rating from Standard & Poor's, in line with the ratings on the company's existing bond debt.

Softbank, a Tokyo-based telecommunications, technology and media company, which owns Japanese telecom fiber optic network operator Japan Telecom Co. Ltd. and which earlier this year bought international wireless provider Vodafone Group plc's Japanese operations, plans to use the deal's proceeds to refinance short-term debt.

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