Morgan Stanley, Banks Shed Bulk of X Debt With $4.7 Billion Deal
- Offering size was increased nearly 60% with no discount
- Banks left with just $1.3 billion of X debt after sale
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Morgan Stanley and six other banks sold $4.74 billion of X Holdings Corp. debt, allowing the lenders to finally rid themselves of the bulk of their exposure to the financing they arranged for Elon Musk’s 2022 purchase of the social-media platform.
The Wall Street bank had been marketing a $3 billion portion but decided to increase the offering after meeting with strong appetite from investors, according to people with knowledge of the matter who weren’t authorized to speak publicly. Demand was such that buyers paid face value for the 9.5% debt due 2029, the people said.