Softbank planning 400 bln yen bond sale - Nikkei

Mon May 20, 2013 2:41pm EDT

May 21 (Reuters) - Softbank Corp is seeking to raise about 400 billion yen ($3.90 billion) through a sale of retail bonds to finance its bid for No.3 U.S. mobile phone carrier Sprint Nextel Corp, the Nikkei reported.

The proceeds from the offering, which is expected to be launched as early as next month, will also be used for redeeming existing bonds, the newspaper said.

Daiwa Securities Co, Nomura Securities Co and Mizuho Securities Co are expected to be among the five lead managers for the planned bond sale, the Japanese daily reported.

SoftBank, which has proposed a $20 billion offer for a 70 percent stake in Sprint, is locked in a battle with billionaire Charlie Ergen's Dish Network Corp to control the U.S. wireless carrier.

Dish last week said a subsidiary would sell $2.5 billion in debt to help finance its proposed $25 billion offer for Sprint.