SoftBank cuts OpenAI-backed margin loan target by 40% to $6bn
Lenders pushed back on valuing OpenAI shares as collateral.
Lenders pushed back on valuing OpenAI shares as collateral. The downsize lands a fortnight after the $10bn ask first surfaced and is the clearest signal yet that even an $852bn primary round has not closed the gap between sticker and what banks will lend against.
SoftBank Group has trimmed the size of a margin loan it is trying to raise against its OpenAI stake to as little as $6bn, down from the $10bn it originally pitched, after several creditors balked at the valuation, Bloomberg reported on Friday. The Tokyo-listed conglomerate and bankers running the syndication have spent recent weeks separately walking lenders through a smaller transaction, according to Bloomberg’s sources.
Original reporting: The Next Web.
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