SoftBank Seeks $10 Billion Loan Backed by OpenAI Shares (1)

SoftBank Group Corp. is seeking a $10 billion loan secured by its shares in US artificial intelligence giant OpenAI, people familiar with the matter said, as it takes on more debt for its push into AI.

The two-year margin loan would carry an option for the Japanese conglomerate to extend the borrowing by an additional year, according to the people, who asked not to be identified discussing private matters. A margin loan is an arrangement in which companies use their assets such as stock for collateral to borrow against.

The cost of insuring SoftBank’s debt against credit risks jumped ...