ElonMusk pledged to close the acquisition of Twitter Inc. by Friday, 28 October in a video conference call with bankers helping fund the deal. Moneyweb BusinessNews
Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter.
Normally the banks would offload debt commitments to money managers in the form of junk bonds and leveraged loans before a deal closes, but the compressed timeline and a global deterioration of credit conditions have forced them to keep the debt on their books. In a normal buyout transaction, the banks, new owner, and company management would come together to hold calls with investors to sell the debt and pitch the business.