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Home Banking Laws

Musk’s Twitter Bankers Face Potential Hit on Riskiest Debt

by Staff
May 26, 2022
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May 26, 2022, 5:58 PM

  • Lenders agreed on a 11.75% interest rate for an unsecured bond
  • Banks risk a hit to fees or outright loss amid market selloff

A group of banks led by Morgan Stanley that agreed to provide Elon Musk with $13 billion of debt financing for his acquisition of Twitter Inc. would risk taking a hit if they had to offload the financing to investors in the current risk-off market climate.

The lenders forged a deal with Musk based on a maximum interest rate of 11.75% for the $3 billion unsecured portion of the financing package, which is expected to be replaced by a bond with ratings in the CCC tier, according to a person with knowledge of the matter. Yet the average yield on …

Davide Scigliuzzo

Davide Scigliuzzo

Bloomberg News

© 2022 The Bureau of National Affairs, Inc.

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