Banks Prepare to Unload Up to $3 Billion of Elon Musk's Twitter Debt
A consortium of banks led by Morgan Stanley is set to offload up to $3 billion of X (formerly known as Twitter) buyout debt, as per a source familiar with the matter.
Sounding out investors for a sale of senior debt, banks plan to initiate the process as early as next week at a discounted price of around 90-95 cents on the dollar.
Seven banks, including Bank of America, Barclays, and Mitsubishi UFJ Financial Group, have been holding approximately $13 billion of Twitter debt since the 2022 buyout financing.
Recently, banks sold around $1 billion in a private transaction and intend to retain more junior debt from the original financing.