SoftBank Seeks $40B Bridge Loan Underwritten by JPMorgan; Roosevelt Hotel Bid Blocked by Pakistan
SoftBank is seeking a $40 billion, 12-month bridge loan underwritten by a lender group including JPMorgan to finance its latest investment in OpenAI, marking SoftBank’s largest-ever U.S. dollar borrowing. Separately, Pakistan’s government-owner of Manhattan’s Roosevelt Hotel has stalled JPMorgan’s bid, preferring a high-rise redevelopment joint venture.
1. SoftBank Bridge Loan Underwriting
SoftBank Group is working to secure up to $40 billion in financing through a 12-month bridge loan underwritten by a syndicate including JPMorgan. This facility would be SoftBank’s largest-ever U.S. dollar borrowing and follows OpenAI’s recent $110 billion funding round, which included $50 billion from Amazon and $30 billion each from Nvidia and SoftBank.
2. Roosevelt Hotel Acquisition Roadblock
JPMorgan has pursued the purchase of Manhattan’s Roosevelt Hotel next to its new 60-story Park Avenue headquarters, but the Pakistani government, which owns the property, has declined to sell. Pakistan plans to retain an ownership stake and partner on a multibillion-dollar high-rise redevelopment, delaying JPMorgan’s acquisition timeline.