Banks led by Morgan Stanley prepare to sell around $3 bn of X buyout debt

A group of banks led by Morgan Stanley is preparing to sell as much as $3 billion of senior debt tied to Elon Musk’s buyout of X, the social media platform formerly known as Twitter, according to people with knowledge of the matter.

Bankers have contacted a small group of investors to assess their interest in buying chunks of at least $250 million at a discounted price in the range of 90 to 95 cents on the dollar, said the people, who asked not to be identified discussing private information. A sale may kick off as soon as next week, they said.