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.
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