SoftBank Seeks $2.8 Billion From Japan Banks

SoftBank Group is in talks to get as much as 300 billion yen ($2.76 billion) in financing from three banks.

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group are currently in discussions with the investment company about its loans, various media reported.

We are evaluating our options flexibly while considering cash on hand, said SoftBank spokeswoman Hiroe Kotera, who was quoted in «Bloomberg». Bank loans are one option, but nothing has been decided, she added.

The loans are part of the company’s regular financing, said the newswire’s source, but Nikkei reported that SoftBank is raising money to pay for its $3 billion tender offer to WeWork shareholders.

Last month, the investment firm agreed on a $9.5 billion rescue package for WeWork, in a deal that handed it 80 percent of the troubled co-working company. Masayoshi Son’s company reported an operating loss of close to $6.5 billion in the quarter, after writing down the value on a string of high-profile investments.