Wall Street banks prepare to sell chunk of debt backing Twitter - WSJ
NEW YORK, Feb 10 (Reuters) - Wall Street banks plan to sell a significant portion of their debt holdings in social media platform Twitter, the Wall Street Journal reported on Friday, citing sources familiar with the matter.
Bankers at Morgan Stanley have reached out to investors ahead of a planned sale next week of up to $3 billion in debt that lenders such as Bank of America and Barclays extended to Elon Musk to help finance his 2022 acquisition of the business, the report added.
The banks aim to sell senior debt at 90 to 95 cents on the dollar while holding onto more junior debt, the report said.
Morgan Stanley did not immediately respond to a request for comment from Reuters.