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Investing.com -- A consortium of banks guided by Morgan Stanley (NYSE:MS) is preparing to significantly expand the sale of loans linked to Elon Musk’s social media platform, known as X. This decision comes in response to greater-than-anticipated demand from investors, according to a Tuesday report by Bloomberg
Originally, the banks intended to sell approximately $3 billion in loans. However, the robust interest from investors has encouraged them to distribute more debt. They are now targeting the sale of up to $5.5 billion of the debt currently on their balance sheets.
The final volume of the loan sale is still under consideration, as the banks also aim to decrease the discount at which the loan is being offered. The selling price they are targeting is a minimum of 95 cents on the dollar.
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