Twitter makes first interest payment to banks on Elon Musk’s $13 billion repurchase loan

Twitter made the first interest payment on a loan that banks provided to help fund billionaire Elon Musk’s acquisition of the social media company last year, according to two people familiar with the matter. this.

Twitter paid about $300 million (about 2,500 rupees) to a group of banks last week, one of the sources said, confirming an earlier Bloomberg story.

The funding is led by Morgan Stanley, Bank of America and Barclays.

The banks declined to comment, while Twitter and Musk did not immediately respond to Reuters’ requests for comment.

The sources do not want to be identified because the details of the payment are not made public.

Banks provided $13 billion worth of financing (about Rs 1,10,000) last year to Tesla CEO muskThe Twitter acquisition has abandoned plans to sell debt to investors because of uncertainty about the social media company’s fortunes and losses, Reuters reported citing people familiar with the matter.

Morgan Stanley’s chief financial officer, Sharon Yeshaya, told Reuters this month that the bank’s market-to-market losses on corporate loans included debt to Twitter.

Last week, The Wall Street Journal reported that Musk’s team was exploring using up to $3 billion (about Rs 24,600 crore) in new fundraising to help pay off some $13 billion in debt. la for Twitter to acquire the company. quote people familiar with the matter.

© Thomson Reuters 2023

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