FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
TOKYO (Reuters) – SoftBank Group Corp said on Wednesday it plans to borrow up to 500 billion yen ($4.5 billion) from 16 domestic and foreign financial institutions using part of its stake in telco SoftBank Corp as collateral.
The loan, which a company spokeswoman said will be used to boost the group’s cash on hand and for general business purposes, comes as SoftBank’s finances are under pressure on multiple fronts.
Activist investor Elliott Management, which sources said has amassed a holding of almost $3 billion in SoftBank, has called for $20 billion in stock buybacks.
SoftBank is investing its own funds in the successor to its first $100 billion Vision Fund, as it struggles to attract outside investors.
Talks to secure $3 billion from Japan’s three biggest banks to fund a bailout of office sharing startup WeWork have…
Source Reuters Tech News