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Apollo Weighs Increasing SoftBank Loan to $9bn
September 18, 2026
Apollo Global Management is in talks with SoftBank Group to increase a loan to $9bn from $5.4bn to help finance the Japanese conglomerate’s investment in OpenAI. The loan is backed by assets in SoftBank’s Vision Fund 2 but has not yet been finalized. Apollo originally provided the net-asset-value loan in 2021 and increased it by $900mn last year to $5.4bn. SoftBank has committed $64.6bn to OpenAI and has been using its stake to raise liquidity. In August, the company secured a $10bn loan backed by its OpenAI holding from lenders including Apollo. SoftBank is also meeting investors in New York as it considers an overseas junk-bond sale that could raise $10-20bn. Meanwhile, the cost of insuring SoftBank’s debt has risen, with its 5Y CDS reaching a three-year high this week, currently at 376.1bp, amid concerns around AI safety.
Its 6.25% 2028s were stable at 100 cents on the dollar, yielding 6.25%
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