As part of its strategy to reduce debt and concentrate its investments on artificial intelligence, SoftBank has disclosed plans to sell bonds denominated in dollars and euros.

The massive Japanese holding firm said that it will issue bonds worth around $900 million in US dollars, payable in two installments, as well as bonds worth 900 million euros, or $962.8 million, payable in two installments. These will have annual interest rates that range from 5.4% to 7%.

According to SoftBank, the funds would be utilised for both “general corporate purposes and the repayment of indebtedness.”

After hearing about the bond offering, its shares closed 2.5% higher.

Debt financing is being done at a time when SoftBank’s total losses are starting to decrease despite some of its triumphs, such as Arm’s first public offering.

The business, which manages the Vision Fund, a sizable technology investment arm, has hinted that it wants to increase its holdings in artificial intelligence startups.

Masayoshi Son, the founder and CEO of SoftBank, discussed a notion he dubbed artificial super intelligence, or ASI, in a rare public appearance this month. He stated that within ten years, artificial intelligence (AI) that is 10,000 times smarter than humans will likely exist.

SoftBank is probably hoping to profit from rising investor confidence in the business, as seen by a 65% increase in its share price. 

(Adapted from MSN.com)