Hyperdrive
After Goldman Balks, Musk Turns to BofA to Handle SpaceX Loan
- Rocket company seeks $750 million loan after switching banks
- SpaceX revealed financials at New York investor presentation
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Elon Musk frequently makes outrageous requests of his staff in his quest to remake global transportation and colonize Mars. But the terms he wanted on a loan for SpaceX were too much even for his closest ally on Wall Street.
As recently as last week, Goldman Sachs Group Inc. had been canvassing investors for interest in $500 million of Space Exploration Technologies Corp. debt. By the time interested parties showed up Wednesday at the Four Seasons hotel in midtown Manhattan for a breakfast meeting, Bank of America Corp. was running the show for a $750 million deal.