Global banks are positioned to pull in massive fees from SoftBank Group's (SFTBY) (SFTBF) record-setting borrowing spree as they fund the conglomerate's bold wager on artificial intelligence, according to a media report on Tuesday.
The Japanese company's $40B bridge loan for its investment in OpenAI (OPENAI) is expected to generate more than $100M in fees for the debt underwriters, including JPMorgan Chase (JPM) and Goldman Sachs (GS), Bloomberg News reported, citing people familiar with the matter. The total is roughly equivalent to what banks leading SpaceX's historic IPO were paid.
Banks with smaller roles in the loan are expected to get between $25M and $70M, the people told Bloomberg. The facility is close to being fully syndicated, they said.
JPMorgan (JPM) and Goldman (GS) stocks were little changed in after-hours trading.
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