SynopsisThe latest borrowing would add to SoftBank’s wave of recent debt financing activities tied to its bet on OpenAI. That includes a $10 billion margin loan backed by its OpenAI stake and a potential bond sale of as much as $20 billion, despite concerns about growing credit risks in the artificial intelligence sector.IANSSoftBank Group Corp. secured an $11.87 billion loan to support its investment in US artificial intelligence firm OpenAI, people familiar with the matter said, up from its earlier target of $10 billion.The Japanese conglomerate sealed the two-year facility last week, attracting commitments from around 20 banks, said the people, asking not to be identified because they’re not authorized to speak publicly.Softbank declined to comment.The financing comes as some executives are now voicing the need to slow the pace of AI development due to escalating risks from the technology. OpenAI Chief Executive Officer Sam Altman said in an interview with Fortune that his company wouldn’t proceed with a public offering this year as it addresses safety-related concerns.SoftBank shares tumbled as much as 13% Monday, the most since July 17.The latest borrowing would add to SoftBank’s wave of recent debt financing activities tied to its bet on OpenAI. That includes a $10 billion margin loan backed by its OpenAI stake and a potential bond sale of as much as $20 billion, despite concerns about growing credit risks in the artificial intelligence sector.SoftBank said last week that it would repay the balance of a $40 billion loan it obtained earlier this year to finance its investment in OpenAI. The company plans to pay down the $25.9 billion it owes on Sept. 15, according to a statement. The non-collateralized borrowing was due to mature in March next year.Meanwhile, SoftBank is set to hold meetings with investors in New York this week to sound out interest for the potential US dollar junk-bond sale. It is considering raising $10 billion to $20 billion from the bond offering, people familiar with the matter said last month.SoftBank, founded and led by billionaire Masayoshi Son, is slated to invest close to $65 billion in OpenAI by October. The company has already raised the equivalent of about $37 billion so far this year from offshore and domestic bond sales and loans, including the latest facility, according to Bloomberg-compiled data. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now