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Twitter Inc. made its first interest payment on the $12.5 billion in debt used by Elon Musk to take the social media behemoth private last year.
The company paid a group of seven banks, led by Morgan Stanley, who were unable to sell the debt to outside investors and were stuck with it. Morgan Stanley and Musk representatives did not immediately respond to requests for comment. According to Bloomberg calculations and market participants who were not involved in the Twitter deal, the first coupon was expected to cost Twitter around $300 million. The payment was due on January 27, roughly three months after the transaction closed.
