SoftBank scrambles for Vodafone funds

Telegraph | Money | SoftBank scrambles for Vodafone funds

ボーダフォン日本子会社買収のためのソフトバンクの資金集めの話が出ている記事です（３月１８日付）。

この記事によると、金集めはまだ終わっていないようです。

SoftBank's debt-raising process is being led by Deutsche Bank and Japan's Mizuho Bank, and it is thought that up to four other banks are currently considering becoming involved.

However, nothing has been finalised, and it is by no means guaranteed that the debt can be raised.

６８億ポンド相当のキャッシュを集めようとしているわけですが、２ヶ月以内に金集めができないと、ボーダフォンに違約金を払う契約になっているようです。

SoftBank is using highly leveraged off-balance sheet debt to fund the cash element in the transaction, which is worth £6.8bn.

The debt must be raised within the next two months to ensure the deal goes to plan.

If it is not raised in time, then SoftBank must pay Vodafone a confidential multi-million pound penalty and the whole transaction unravels and Vodafone would have to start the sales process again.

ボーダフォンの方は、得られた資金を使って６０億ポンドの特別配当を行いますが、損益面では４９億ポンドの評価減を計上しなければならないようです。

If all goes to plan, the deal will allow Vodafone to hand £6bn back to shareholders in a one-off special payment, the details of which will be released in May. As a result of the transaction, Vodafone will have to write off £4.9bn as Vodafone Japan was valued at a higher level on its balance sheet. The net impact of the whole deal will be to reduce net debt by £1.4bn.