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On October 22, Reuters, citing people familiar with the matter, said the bank that provided $13 billion in financing for Tesla CEO Elon Musk’s takeover of Twitter Inc has abandoned plans to sell bonds to investors as the social media company There is uncertainty about the company’s fate and losses. The debt package traded by Twitter includes junk-rated loans, as well as secured and unsecured bonds. Rather than syndicate the debt, as is often the case with such acquisitions, the banks plan to keep it on their balance sheets until more investors favor them, the sources said. Banks including Morgan Stanley, Bank of America and Barclays declined to comment. (Interface News)
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- 2022-10-22The participating banks in the Twitter acquisition have given up on forming a syndicated loan
- 2022-10-20 Musk plans to lay off 75% of Twitter employees
- 2022-10-19 Twitter freezes employee equity accounts, expects Musk’s acquisition to be successfully completed
- 2022-10-05 Musk proposes to buy Twitter for $44 billion
- 2022-09-30 Documents show that Dorsey had proposed Musk to join Twitter’s board, but the board was opposed
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