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SOFTBANK CORP.

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Press Releases 2006

Implementation of Legal Defeasance*

Apr. 3, 2006

SOFTBANK CORP.(hereinafter “the Company”) announces that legal defeasance was implemented today with respect to SOFTBANK CORP.’s Euro-denominated 9 3/8 % Senior Notes due 2011 as follows

1. Notes applicable

a) Name SOFTBANK CORP. Euro-denominated Senior Notes due 2011
(hereinafter “the Notes”)
b) Interest Rate 9.375%
c) Issue Date March 8, 2004
d) Maturity Date March 15, 2011 (with optional redemption which is expected to become effective on and after March 15, 2008)
e) Aggregate principal amount 400 million euro(translated amount in yen: approx. 57.1 billion yen; exchange rate as of April 3, 2006: 1euro=142.89 yen)
f) Outstanding Amount 400 million euro(translated amount in yen: same as above)

2. Purpose and effect of implementation of legal defeasance

Further to its announcement of the proposed acquisition of Vodafone K.K. for entering into the mobile business on March 17, 2006, the Company announced today that it would acquire Vodafone K.K. through a take-over bid by its subsidiary BB Mobile Corp. The legal defeasance was implemented in order to facilitate the implementation of business and financial strategies, including future development in the mobile business. Along with such transaction, cash and cash equivalent sufficient for the payment of principal and interest on the Notes have been deposited with the trustee. Under the terms of the indenture, the Company will continue to be responsible for payments on the Notes until maturity or redemption. The Notes continue to be recorded as “Corporate bonds” in its consolidated and stand-alone financial statements of the Company until maturity or redemption of the Notes.

3. Impact on earnings results of the Company

The above transaction has no impact on earnings results for the fiscal year ended March 31, 2006, and the impact on earnings results for the fiscal year ending March 31, 2007 is expected to be neglectable.

[Note]
  • *Legal defeasance is an article set forth under the Indenture with respect to such Notes. Legal defeasance is different from so-called “in-substance defeasance” in Japan.
  • *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 legal notices in its entirety prior to viewing any information available on this website.