Wall Road banks put together sale of up to $3 billion | Inventory Information
(Reuters) – Wall Road banks are making ready to promote a huge portion of debt holdings in social media platform X, the Wall Road Journal reported on Friday, citing people aware of the matter.
Bankers at Morgan Stanley (NYSE:) have contacted traders forward of subsequent week’s deliberate sale of up to $3 billion in debt that lenders like Financial institution of America and Barclays (LON:) granted Elon Musk to be able to finalize his 2022 acquisition of the business that was previously referred to as Twitter, the report added.
The banks want to promote senior debt at 90 to 95 cents on the greenback and retain more-junior holdings, as per the report.
Morgan Stanley didn’t instantly reply to a Reuters request for remark.
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