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Wall Street benches finally got rid of debt Tied to the purchase of Elon Musk 2022 on the social media platform now known as X.
Investors acquired the remaining investors of $ 1.2 billion on Monday in a group of large banks led by Morgan Stanley (I) that included Bank of America (High school) For approximately $ 0.98 on the dollar, according to a person who knew this topic.
The Wall Street Journal informed former for the final sale of the debt of the banks.
Big Banks faced funding about $ 13 billion by 2022 when Musk bought Twitter, a social media platform that was renamed X, for $ 44 billion. Financing included a $ 500 million rotating credit ease.
But these loans lost their value as X struggled and the banks could not remove their books without having significant losses.
Having this debt for an extended period can be a substantial scope about the regulatory capital requirements of banks, reducing their ability to finance new purchase offers.
In January, the group began to sound investors about their interest in buying portions of the debt initially provided to Musk in 2022 to assume the social media platform now known as X.
The hope was that the future prospects of X were considered as Rosier to the narrow Musk alliance with President Trump. Banks were also sent to lose a client like Musk, the richest man in the world.
After all, Musk has several private companies that can one day be made public through an initial public offer, including Rocket and Satellite Company Spacex (Spax.pvt), which has an estimated value of $ 387 billion, according to Yahoo Finance data.
Banks sold a part of $ 1 billion debt that month for about $ 0.95 in the dollar.
They quickly followed it with Another sale At the beginning of February for a portion of $ 5.5 billion to $ 0.98 from the dollar. Later in February, the lenders sold a larger part of $ 4.7 billion in the par.
Crucial for the success of the sale was Musk’s decision for his new XAI Artificial Intelligence Company to acquire the X -Corp Social Networks Company in a All Level Transaction.
When the musc announced The merger of their two companies in late March said that their combined value was $ 80 million.
During the two and a half years they maintained the X debt, the banks won a constant flow of payments of interest. This amount has not been revealed. In February, an estimate by Bloomberg put his income from collective interest of loans in billions.
David Hollerith is a senior journalist from Yahoo Finance covering Banking, Crypt and other areas in finance.
