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2021-12-22
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SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团40亿美元贷款</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":691391382,"tweetId":"691391382","gmtCreate":1640133654267,"gmtModify":1640133654471,"author":{"id":3559770113710833,"idStr":"3559770113710833","authorId":3559770113710833,"authorIdStr":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":16,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Like pls</p></body></html>","htmlText":"<html><head></head><body><p>Like pls</p></body></html>","text":"Like pls","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/691391382","repostId":1177881262,"repostType":4,"repost":{"id":"1177881262","kind":"news","pubTimestamp":1640132347,"share":"https://www.laohu8.com/m/news/1177881262?lang=zh_CN&edition=full","pubTime":"2021-12-22 08:19","market":"us","language":"en","title":"SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团40亿美元贷款</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177881262","media":"The Wall Street Journal","summary":"Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending\nSoftBank, whose hold","content":"<p>Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending</p><p><blockquote>交易显示了日本企业集团对现金的需求以及阿波罗对贷款的推动</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400e27a798f458f607897db7db26491e\" tg-width=\"1290\" tg-height=\"860\" referrerpolicy=\"no-referrer\"><span>SoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.</span></p><p><blockquote><p class=\"t-img-caption\"><span>软银的持股范围从日本电信到欧洲芯片制造商再到硅谷初创公司，此前曾利用其持有的各种持股进行借贷。</span></p></blockquote></p><p> SoftBank Group Corp. is finalizing a $4 billion loan from Apollo Global Management Inc. backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate seeks to weather turbulence in its portfolio.</p><p><blockquote>软银集团(SoftBank Group Corp.)正在敲定从阿波罗全球管理公司(Apollo Global Management Inc.)获得的40亿美元贷款，该贷款由软银稳定的科技初创公司股份提供支持，这家日本企业集团寻求抵御其投资组合的动荡。</blockquote></p><p> The loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot includes stakes in 150 companies such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.</p><p><blockquote>知情人士称，这笔贷款将由软银的第二个愿景基金担保。这笔大约400亿美元的资金包括印度电子商务巨头Flipkart等150家公司的股份；数字银行初创公司Revolut；还有Cameo，一个名人出售个性化信息的网站。其中一位知情人士表示，软银可以将这笔钱用于一系列目的。</blockquote></p><p> The deal between the investing giants shows SoftBank’s ravenous need for cash and highlights Apollo’s push into lending, a territory traditionally dominated by banks.</p><p><blockquote>这两家投资巨头之间的交易显示了软银对现金的贪婪需求，并凸显了阿波罗进军传统上由银行主导的贷款领域。</blockquote></p><p> Using borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.</p><p><blockquote>使用借来的钱而不是自有现金进行投资，如果这些押注最终成为赢家，将增加软银的利润，如果押注失败，将夸大损失。</blockquote></p><p> SoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.</p><p><blockquote>软银的持股范围从日本电信到欧洲芯片制造商和硅谷初创公司，此前软银曾利用其持有的各种资产进行借贷。去年春天，该公司以其在中国电子商务巨头阿里巴巴-SW集团控股有限公司的股份为担保，从一组银行获得了80亿美元的贷款。</blockquote></p><p> The initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including Uber Technologies Inc. to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that flamed out before its eventual listing.</p><p><blockquote>最初的愿景基金于2016年推出，规模约为1000亿美元，是有史以来最大的私人投资基金。软银的支出节奏很快——从优步科技公司（Uber Technologies Inc.）等打车应用到室内农业初创公司和人工智能公司。众所周知，它在WeWork Inc.上下了大赌注，这家联合办公公司在最终上市前就倒闭了。</blockquote></p><p> The fund relied heavily on leverage, with $40 billion of its capital coming in the form of preferred stock carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.</p><p><blockquote>该基金严重依赖杠杆，其中400亿美元的资本以优先股的形式提供，利率为7%，由阿布扎比主权财富基金穆巴达拉投资公司和沙特阿拉伯公共投资基金持有。优先股具有放大收益、加剧损失的作用。</blockquote></p><p> The sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.</p><p><blockquote>续集基金的规模将会更大，但外部投资者对WeWork等糟糕的赌注和愿景基金混乱的运作方式感到失望，纷纷远离。相反，软银不得不依靠自己的现金进行投资，但这并没有阻止该基金以极快的速度进行投资，而且没有任何放松的迹象。</blockquote></p><p> That cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by China’s tech companies. Its stake in Chinese ride-hailing company Didi Global Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.</p><p><blockquote>现金一直供不应求。11月，软银报告季度亏损35亿美元，受到中国科技公司的影响。它斥资120亿美元收购了中国网约车公司滴滴出行的股份，估值为75亿美元。其最大持股阿里巴巴-SW的股份在过去一年中减少了一半。总体而言，软银的资产价值比上一季度下降了540亿美元。</blockquote></p><p> “We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.</p><p><blockquote>软银首席执行官孙正义对记者表示：“我们正处于暴风雪之中。”</blockquote></p><p> In another setback, the U.S. Federal Trade Commission this month sued to block Nvidia Corp.’s proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.</p><p><blockquote>另一个挫折是，美国联邦贸易委员会本月提起诉讼，阻止英伟达公司收购软银旗下半导体设计专家Arm Holdings的提议，认为该交易反竞争。</blockquote></p><p> SoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.</p><p><blockquote>软银承诺斥资至少90亿美元回购自己的股票，自2月份以来，这些股票的价值已经下跌了约一半。此次回购是在今年早些时候完成的200亿美元股票回购计划之上的。</blockquote></p><p> As of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup Dingdong Ltd. and robotics company AutoStore Holdings Ltd.</p><p><blockquote>截至9月底，软银对第二支愿景基金的估值为380亿美元。其持有的几家公司最近已上市，包括中国杂货初创公司叮咚有限公司和机器人公司AutoStore Holdings Ltd.。</blockquote></p><p> Apollo and its insurance affiliate,Athene Holding Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.</p><p><blockquote>其中一位知情人士表示，Apollo及其保险子公司Athene Holding Ltd.计划牵头软银贷款，该贷款利率为中个位数，包括共同基金、捐赠基金和金融机构在内的一批投资者也加入了进来。</blockquote></p><p> Providing big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan for Hertz Global Holdings Inc. in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.</p><p><blockquote>资产管理公司和私募股权公司对提供大额贷款越来越感兴趣。去年，Apollo与Athene合作，为Hertz Global Holdings Inc.提供了40亿美元的破产贷款。10月份，高管们表示，Apollo今年有望发放30笔贷款，金额超过10亿美元，高于2019年的1笔。</blockquote></p><p></p><p> Apollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.</p><p><blockquote>阿波罗及其一些同行通常能够承销银行不会触及的复杂交易，因为它们不完全符合既定类别。虽然大多数私募股权基金使用杠杆进行交易，但软银的愿景基金投资于通常不会产生现金流来支持债务的早期公司。</blockquote></p><p> Apollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.</p><p><blockquote>阿波罗预计将在一月份完成一项交易，购买其尚未拥有的雅典娜股份，该公司需要不断提供新的债务交易来投资保险公司的资产。</blockquote></p><p> On Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for GreenSky LLC, a home-improvement and medical lender that is being sold to Goldman Sachs Group Inc.,people familiar with the matter said.</p><p><blockquote>周一，雅典娜表示将收购一家为商业地产清洁能源项目提供融资的公司，这是该公司今年达成的一系列类似贷款业务交易中的最新一起。知情人士称，今年夏天，阿波罗是GreenSky LLC的亚军竞标者，GreenSky LLC是一家家居装修和医疗贷款公司，即将出售给高盛集团(Goldman Sachs Group Inc.)。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团40亿美元贷款</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团40亿美元贷款</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-22 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending</p><p><blockquote>交易显示了日本企业集团对现金的需求以及阿波罗对贷款的推动</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400e27a798f458f607897db7db26491e\" tg-width=\"1290\" tg-height=\"860\" referrerpolicy=\"no-referrer\"><span>SoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.</span></p><p><blockquote><p class=\"t-img-caption\"><span>软银的持股范围从日本电信到欧洲芯片制造商再到硅谷初创公司，此前曾利用其持有的各种持股进行借贷。</span></p></blockquote></p><p> SoftBank Group Corp. is finalizing a $4 billion loan from Apollo Global Management Inc. backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate seeks to weather turbulence in its portfolio.</p><p><blockquote>软银集团(SoftBank Group Corp.)正在敲定从阿波罗全球管理公司(Apollo Global Management Inc.)获得的40亿美元贷款，该贷款由软银稳定的科技初创公司股份提供支持，这家日本企业集团寻求抵御其投资组合的动荡。</blockquote></p><p> The loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot includes stakes in 150 companies such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.</p><p><blockquote>知情人士称，这笔贷款将由软银的第二个愿景基金担保。这笔大约400亿美元的资金包括印度电子商务巨头Flipkart等150家公司的股份；数字银行初创公司Revolut；还有Cameo，一个名人出售个性化信息的网站。其中一位知情人士表示，软银可以将这笔钱用于一系列目的。</blockquote></p><p> The deal between the investing giants shows SoftBank’s ravenous need for cash and highlights Apollo’s push into lending, a territory traditionally dominated by banks.</p><p><blockquote>这两家投资巨头之间的交易显示了软银对现金的贪婪需求，并凸显了阿波罗进军传统上由银行主导的贷款领域。</blockquote></p><p> Using borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.</p><p><blockquote>使用借来的钱而不是自有现金进行投资，如果这些押注最终成为赢家，将增加软银的利润，如果押注失败，将夸大损失。</blockquote></p><p> SoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.</p><p><blockquote>软银的持股范围从日本电信到欧洲芯片制造商和硅谷初创公司，此前软银曾利用其持有的各种资产进行借贷。去年春天，该公司以其在中国电子商务巨头阿里巴巴-SW集团控股有限公司的股份为担保，从一组银行获得了80亿美元的贷款。</blockquote></p><p> The initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including Uber Technologies Inc. to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that flamed out before its eventual listing.</p><p><blockquote>最初的愿景基金于2016年推出，规模约为1000亿美元，是有史以来最大的私人投资基金。软银的支出节奏很快——从优步科技公司（Uber Technologies Inc.）等打车应用到室内农业初创公司和人工智能公司。众所周知，它在WeWork Inc.上下了大赌注，这家联合办公公司在最终上市前就倒闭了。</blockquote></p><p> The fund relied heavily on leverage, with $40 billion of its capital coming in the form of preferred stock carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.</p><p><blockquote>该基金严重依赖杠杆，其中400亿美元的资本以优先股的形式提供，利率为7%，由阿布扎比主权财富基金穆巴达拉投资公司和沙特阿拉伯公共投资基金持有。优先股具有放大收益、加剧损失的作用。</blockquote></p><p> The sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.</p><p><blockquote>续集基金的规模将会更大，但外部投资者对WeWork等糟糕的赌注和愿景基金混乱的运作方式感到失望，纷纷远离。相反，软银不得不依靠自己的现金进行投资，但这并没有阻止该基金以极快的速度进行投资，而且没有任何放松的迹象。</blockquote></p><p> That cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by China’s tech companies. Its stake in Chinese ride-hailing company Didi Global Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.</p><p><blockquote>现金一直供不应求。11月，软银报告季度亏损35亿美元，受到中国科技公司的影响。它斥资120亿美元收购了中国网约车公司滴滴出行的股份，估值为75亿美元。其最大持股阿里巴巴-SW的股份在过去一年中减少了一半。总体而言，软银的资产价值比上一季度下降了540亿美元。</blockquote></p><p> “We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.</p><p><blockquote>软银首席执行官孙正义对记者表示：“我们正处于暴风雪之中。”</blockquote></p><p> In another setback, the U.S. Federal Trade Commission this month sued to block Nvidia Corp.’s proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.</p><p><blockquote>另一个挫折是，美国联邦贸易委员会本月提起诉讼，阻止英伟达公司收购软银旗下半导体设计专家Arm Holdings的提议，认为该交易反竞争。</blockquote></p><p> SoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.</p><p><blockquote>软银承诺斥资至少90亿美元回购自己的股票，自2月份以来，这些股票的价值已经下跌了约一半。此次回购是在今年早些时候完成的200亿美元股票回购计划之上的。</blockquote></p><p> As of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup Dingdong Ltd. and robotics company AutoStore Holdings Ltd.</p><p><blockquote>截至9月底，软银对第二支愿景基金的估值为380亿美元。其持有的几家公司最近已上市，包括中国杂货初创公司叮咚有限公司和机器人公司AutoStore Holdings Ltd.。</blockquote></p><p> Apollo and its insurance affiliate,Athene Holding Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.</p><p><blockquote>其中一位知情人士表示，Apollo及其保险子公司Athene Holding Ltd.计划牵头软银贷款，该贷款利率为中个位数，包括共同基金、捐赠基金和金融机构在内的一批投资者也加入了进来。</blockquote></p><p> Providing big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan for Hertz Global Holdings Inc. in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.</p><p><blockquote>资产管理公司和私募股权公司对提供大额贷款越来越感兴趣。去年，Apollo与Athene合作，为Hertz Global Holdings Inc.提供了40亿美元的破产贷款。10月份，高管们表示，Apollo今年有望发放30笔贷款，金额超过10亿美元，高于2019年的1笔。</blockquote></p><p></p><p> Apollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.</p><p><blockquote>阿波罗及其一些同行通常能够承销银行不会触及的复杂交易，因为它们不完全符合既定类别。虽然大多数私募股权基金使用杠杆进行交易，但软银的愿景基金投资于通常不会产生现金流来支持债务的早期公司。</blockquote></p><p> Apollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.</p><p><blockquote>阿波罗预计将在一月份完成一项交易，购买其尚未拥有的雅典娜股份，该公司需要不断提供新的债务交易来投资保险公司的资产。</blockquote></p><p> On Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for GreenSky LLC, a home-improvement and medical lender that is being sold to Goldman Sachs Group Inc.,people familiar with the matter said.</p><p><blockquote>周一，雅典娜表示将收购一家为商业地产清洁能源项目提供融资的公司，这是该公司今年达成的一系列类似贷款业务交易中的最新一起。知情人士称，今年夏天，阿波罗是GreenSky LLC的亚军竞标者，GreenSky LLC是一家家居装修和医疗贷款公司，即将出售给高盛集团(Goldman Sachs Group Inc.)。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/softbank-finalizing-4-billion-loan-from-apollo-led-group-11640104307\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SFTBY":"软银集团"},"source_url":"https://www.wsj.com/articles/softbank-finalizing-4-billion-loan-from-apollo-led-group-11640104307","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177881262","content_text":"Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending\nSoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.\nSoftBank Group Corp. is finalizing a $4 billion loan from Apollo Global Management Inc. backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate seeks to weather turbulence in its portfolio.\nThe loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot includes stakes in 150 companies such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.\nThe deal between the investing giants shows SoftBank’s ravenous need for cash and highlights Apollo’s push into lending, a territory traditionally dominated by banks.\nUsing borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.\nSoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.\nThe initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including Uber Technologies Inc. to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that flamed out before its eventual listing.\nThe fund relied heavily on leverage, with $40 billion of its capital coming in the form of preferred stock carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.\nThe sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.\nThat cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by China’s tech companies. Its stake in Chinese ride-hailing company Didi Global Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.\n“We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.\nIn another setback, the U.S. Federal Trade Commission this month sued to block Nvidia Corp.’s proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.\nSoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.\nAs of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup Dingdong Ltd. and robotics company AutoStore Holdings Ltd.\nApollo and its insurance affiliate,Athene Holding Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.\nProviding big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan for Hertz Global Holdings Inc. in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.\nApollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.\nApollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.\nOn Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for GreenSky LLC, a home-improvement and medical lender that is being sold to Goldman Sachs Group Inc.,people familiar with the matter said.","news_type":1,"symbols_score_info":{"SFTBY":0.9}},"isVote":1,"tweetType":1,"viewCount":964,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/691391382"}
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