Elon Musk disclosed in a filing on April 21 that he has received commitments for $46.5 million in debt financing to buy Twitter, Inc.. The announcement came a week after he launched his hostile takeover bid, and the social media platform reacted with the adoption of a poison pill.
In a week’s time, how did Musk manage to rally the bankers around him?
Musk Details Vision: The Tesla, Inc. CEO shared his vision for Twitter, which went a long way toward convincing a bevy of banks to give commitments, according to a report by Bloomberg.
The banks were apparently impressed by Musk’s plan to increase Twitter’s debt without taking the company’s credit rating to junk levels, the report said, citing people familiar with the plan. The plan introduced in the form of a presentation on a call last Monday detailed Musk’s thoughts on how Twitter’s business could be run and topline could be grown, along with his views on the company’s financial profile.
…