SoftBank Group Corp.​​​​​​ priced the second-biggest offshore bond deal from Asia this year, raising about $7.35 billion in a dual-currency debt offering.

The Japanese technology giant sold $3.85 billion of dollar-denominated debt and 2.95 billion euros ($3.5 billion) of notes on Wednesday, making it second in size only to a deal by Nippon Telegraph & Telephone Corp. in February. It was the first overseas debt deal by SoftBank since 2018.

SoftBank posted the biggest-ever quarterly profit by a Japanese company earlier this year, driven by gains at its investment arm. The company, founded and led by Masayoshi Son, came to market at an ideal time with yields on junk-rated dollar debt in the U.S. at a record low and tech stocks near a record high. Still, the prospect of higher interest rates ahead poses a potential headwind for one of Japan’s most heavily indebted companies.

SoftBank, which has a speculative-grade score of BB+ from S&P Global Ratings, said it plans to use the proceeds from Wednesday’s bond deal to repay existing debt and for general corporate purposes.

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