The story

SoftBank Group secured an $11.87 billion loan to support its investment in OpenAI, up from an earlier target of $10 billion, according to people familiar with the matter. The Japanese conglomerate sealed the two-year facility last week, attracting commitments from around 20 banks. SoftBank declined to comment.

SoftBank 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. SoftBank said last week it would repay $25.9 billion owed on a $40 billion loan on Sept. 15. The company is also set to hold meetings with investors in New York this week to sound out interest for a potential $10 billion to $20 billion junk bond sale.

SoftBank shares tumbled as much as 13% Monday, the most since July 17. OpenAI Chief Executive Officer Sam Altman said in an interview with Fortune that his company would not proceed with a public offering this year as it addresses safety related concerns. Some executives are voicing the need to slow the pace of AI development due to escalating risks from the technology.