AsianFin -- A group of banks including Morgan Stanley, Bank of America, Barclays, and Mitsubishi UFJ has sold the last portion of debt tied to Elon Musk’s $44 billion takeover of Twitter, now known as X, Reuters reported, citing a source familiar with the matter.

The $1.2 billion in loans were sold at roughly 98 cents on the dollar, yielding 9.5%, the source said.

Musk’s strengthening ties with former U.S. President Donald Trump and improving revenue prospects at X have helped banks unload nearly all of the $13 billion in debt they have held since the 2022 deal.

The acquisition was initially financed with a $6.5 billion secured term loan, a $500 million revolving credit facility, $3 billion in unsecured loans, and $3 billion in secured loans, with Morgan Stanley and six other lenders backing the deal.

Earlier this month, Reuters reported Morgan Stanley was offering the final tranche of its $1.23 billion X-related debt at a fixed interest rate of 9.5%, with a slight discount between 97.5 to 98 cents on the dollar.