Rakuten Group, Inc. announced that it has commenced tender offers to purchase for cash for a combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to $1 billion of the following series of notes issued by it: 10.250% Senior Notes due 2024 (Rule 144A--CUSIP: 75102W AD0; ISIN: US75102WAD02; Common Code: 254337714; Reg.S-- CUSIP: J64264 AC8; ISIN: USJ64264AC82; Common Code: 254635782) (the "10.250% Notes"); and 3.546% Senior Notes due 2024 (Reg.S-- CUSIP: n/a; ISIN: XS2080765154; Common Code: 208076515). Rakuten is engaging in the Offers, and related Financing Transaction, to proactively manage and extend the maturity profile of its debt. The Offers are being made pursuant and are subject to the terms and conditions set forth in the Offer to Purchase, dated January 25, 2024, available via the offer website, including a condition to the Offers of the completion by Rakuten of the private placements of senior notes announced concurrently with the Offers to fund the Total Consideration for Notes to be purchased pursuant to the Offers, on terms and subject to conditions reasonably satisfactory to Rakuten.

Rakuten expects to fund the Offers with the net proceeds from the Financing Transaction and cash on hand. After the settlement of the Offers, they also intend to make further offers to purchase certain of Japanese-yen denominated senior bonds scheduled to mature in or after 2024. To the extent that proceeds from the Financing Transaction remain after the settlement of the Offers, they intend to use such proceeds as part of the funds for such offers or otherwise to reduce bonds outstanding.