Banks led by Morgan Stanley have sold to investors another chunky portion of loans that formed the $13 billion debt supporting Elon Musk’s $44 billion acquisition of Twitter, now X, in 2022, a source with knowledge of the deal said.
On Thursday, they completed the secondary sale of $4.74 billion of secured loans which mature in October 2029. The loans paid a fixed rate yield of 9.5% and priced at par or at 100 cents to the dollar, said the source. The loan sale was upsized from an initial $2.97 billion.
With the latest sale, the banks - that besides Morgan Stanley includes Bank of America, Barclays, Mitsubishi UFJ, BNP Paribas, Mizuho, and Societe Generale - have been able to shed almost all of the $13 billion they have been holding on their books for nearly two years.
sold to Putin Inc probably
I was wondering who would throw good money after bad.
Nobody can deny its basically infinite ROI for his purposes. People were raving about how idiotic and overvalued it was and I said all along this will be an absolute steal and money-rainer for diktators