SoftBank Group is pursuing a $10 billion loan backed by its stake in U.S. artificial intelligence leader OpenAI, as the firm ramps up borrowing to fund its expansion into AI.

Following the announcement, credit-default swaps rose by about 10 basis points, according to Bloomberg. The increase brings it to roughly 360 basis points, nearing March’s one-year high of 376 basis points.

The $10 billion margin loan—a revolving line of credit that allows a firm to borrow cash to finance additional investments—would have a two-year term. Under its terms, SoftBank would have the option to extend the loan for an additional year, sources told Bloomberg.

Softbank has previously made large investments in Sam Altman’s company. The firm made an additional follow-on investment of $30 billion earlier this year, representing a 13% ownership interest in the company. 

“AI is transforming the world at an unprecedented pace. OpenAI is a clear leader, with world-class technology and an unparalleled global user base, and we have strong conviction in its continued growth. Through this additional investment, we will accelerate OpenAI’s research and ecosystem expansion, while advancing our own ASI strategy,” Masayoshi Son, Chairman and CEO of SoftBank Group Corp., said at the time.

In early March, S&P downgraded SoftBank’s credit rating, citing that the additional investment would “further reduce SoftBank Group’s financial capacity.” 

The report added that OpenAI is one of its investments with the “weakest credit quality.”

“The company’s investments in AI, including OpenAI, mostly involve fledgling startups and private companies that we believe are exposed to significant AI innovation risk and fierce competition. The negative outlook reflects our view that SoftBank Group’s large follow-on investment in OpenAI means it will take longer than we had assumed for the company to restore the liquidity and quality of its investment assets,” the report said.

The artificial intelligence company is understood to be preparing to IPO later this year, with reports citing as early as October.

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