August 29, 2011
SOFTBANK CORP. (hereafter “the Company”) announces that on August 29, 2011, it has resolved to raise JPY 200 billion through the Preferred (Restricted Voting) Securities (hereafter “the Preferred Securities”) issued by SFJ Capital Limited (a wholly-owned subsidiary of the Company incorporated in the Cayman Islands, British West Indies; hereafter “SFJ”).
The Company will record the Preferred Securities as minority interests on its consolidated balance sheets.1. Background of the procurement of the Funds
In December 2010 the Company acquired the class 1 preferred stock and stock acquisition rights issued by BB MOBILE Corp. to Vodafone International Holdings B.V., and a subordinated loan by SOFTBANK MOBILE Corp. from Vodafone Overseas Finance Limited. Out of the total acquisition amount of JPY 412.5 billion the unpaid amount JPY 200 billion will become due in April 2012.*2. Use of the Funds
The Company will borrow the JPY 200 billion procured by SFJ through the issuance of the Preferred Securities, from Galilei Japan KK, a consolidated subsidiary of the Company (hereafter “Galilei Japan”); of this JPY 183.5 billion will be allocated for the payment described in “1” above. The remaining amount of JPY 16.5 billion will be allocated for redemption of the Company's corporate bonds to be redeemed by the end of July 2012. (See exhibit for an illustrated outline of the scheme).3. Impact on the consolidated financial statements of the Company
The impact on the Company's consolidated statements of income for the fiscal year ending March 31, 2012 will be minor.
The Company will record the Preferred Securities as minority interests on its consolidated balance sheets. This will enhance the stability of the SOFTBANK Group's financial base.4. Others
As of today, the Company plans to redeem the Preferred Securities, when they become redeemable prior to the maturity in May 2015.
- *Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SOFTBANK or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read in its entirety prior to viewing any information available on this website.