Softbank to Cut Bridge Loan Amount for Sprint After Bond Sales
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Softbank Corp., the Japanese carrier buying 70 percent of Sprint Nextel Corp. for about $20 billion, plans to reduce the maximum amount of the bridge loan used for the acquisition after a bond sale.
Japan’s third-largest mobile phone operator will lower the loan amount to 1.28 trillion yen ($13 billion) from 1.65 trillion yen announced in December, according to a filing to the Tokyo Stock Exchange today. The Tokyo-based company raised 370 billion yen in bonds this month, including 300 billion yen of 1.47 percent notes due March 2017 for retail investors, according to data compiled by Bloomberg.