TOKYO -- SoftBank Group looks to raise around 450 billion yen ($4.11 billion) through a June offering of straight bonds targeting Japanese retail and institutional investors and geared in part to servicing existing debt.
The deep-pocketed domestic mobile phone business, SoftBank Corp., will not guarantee the bonds as it has done in the past for its heavily indebted parent. With the holding company preparing to take the core unit public on the Tokyo Stock Exchange, the arm's independence will likely be subject to strict scrutiny. SoftBank Group has said it will begin gradually removing the unit's guarantees on already-issued bonds and loans once the listing gets the green light.
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