Investing.com -- Morgan Stanley has initiated the sale of the remaining $1.23 billion X Corp. debt held by a consortium of banks, according to a report from Bloomberg News, citing an anonymous source familiar with the situation. This move signifies the final stage of a multi-year effort to separate their balance sheets from Elon Musk’s social media platform.
Earlier this year, banks had already sold more than $11 billion worth of X Corp. debt. The current transaction involves a fixed-rate loan offered at an interest rate of 9.5%. The debt is being sold at a discounted rate of 97.5 to 98 cents on the dollar.
Commitments for this transaction are scheduled for April 28. The individual providing this information requested anonymity due to the private nature of the transaction.
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