Wall Street banks are preparing to sell up to US$3 billion in debt related to the social media platform X, previously known as Twitter.

This information comes from a Wall Street Journal report published on Jan. 24

The debt was originally provided by lenders like Bank of America and Barclays to support Elon Musk’s acquisition of X in 2022.

Morgan Stanley, one of the banks involved, has contacted investors ahead of the sale planned for next week.

The report said that senior debt will be available at prices ranging from 90 to 95 cents on the dollar, while banks will retain the lesser-rated portions of the debt.

Morgan Stanley has yet to respond to requests for comments regarding the sale.