Wall Street banks sell final portion of Elon Musk’s X debt, WSJ reports
(Reuters) -A group of banks including Morgan Stanley, Bank of America, Barclays and Mitsubishi UFJ sold the final piece of debt tied to billionaire Elon Musk’s $44 billion buyout of social media platform Twitter, now called X, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The $1.2 billion of loans were sold at 98 cents on the dollar, the report added.
Morgan Stanley, Barclays, Mitsubishi UFJ and X did not immediately respond to Reuters’ requests for comment. Bank of America declined to comment.
Reuters reported earlier this month that Morgan Stanley was offering the debt in the form of a fixed-rate loan at an interest of 9.5% and a discounted price of 97.5 to 98 cents on the dollar.
Besides Morgan Stanley, six other lenders had also participated in Musk’s buyout, lending him a total of $13 billion.
The acquisition was funded by a $6.5 billion secured term loan, a $500 million revolving credit facility, a $3 billion unsecured loan and $3 billion of secured loans.
