Streaksai Regulatory News (STK)

4 Apr 2006 07:00

Softbank Corp04 April 2006 Implementation of Legal Defeasance* April 3, 2006 SOFTBANK CORP. (hereinafter "the Company") announces that legal defeasance wasimplemented today with respect to SOFTBANK CORP. fs 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 (translated amount in yen: approx. 57.1 billion yen; exchange rate as of April 3, 2006: 1 •=142.89 yen) f) Outstanding Amount: €400 million (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. forentering into the mobile business on March 17, 2006, the Company announced todaythat it would acquire Vodafone K.K. through a take-over bid by its subsidiary BBMobile Corp. The legal defeasance was implemented in order to facilitate theimplementation of business and financial strategies, including futuredevelopment in the mobile business. Along with such transaction, cash and cashequivalent sufficient for the payment of principal and interest on the Noteshave been deposited with the trustee. Under the terms of the indenture, theCompany will continue to be responsible for payments on the Notes until maturityor redemption. The Notes continue to be recorded as "Corporate bonds" in itsconsolidated and stand-alone financial statements of the Company until maturityor redemption of the Notes. 3. Impact on earnings results of the Company The above transaction has no impact on earnings results for the fiscal yearended March 31, 2006, and the impact on earnings results for the fiscal yearending March 31, 2007 is expected to be neglectable. * Legal defeasance is an article set forth under the Indenture with respect tosuch Notes. Legal defeasance is different from so-called "in-substancedefeasance" in Japan. This information is provided by RNS The company news service from the London Stock Exchange