Musk Plans to Close Twitter Deal by Friday

During a video conference call on Monday, Elon Musk pledged to close the Twitter deal by Friday.

Some banks are expected to help fund the deal, providing $13 billion of debt financing. According to Bloomberg, bankers have finished putting together the final credit agreement and are in the process of signing the documentation, one of the last steps before actually sending the cash to Musk.

People familiar with the matter said the banks are expected to receive a borrowing notice on Tuesday, and the cash is expected to be held in escrow on Thursday.

Most of the debt has been underwritten by four banks, with Morgan Stanley being the largest underwritter responsible for 27 percent of the cash. Bank of America, Barclays and MUFG have responsible for 21 percent each.

The total sum of the transaction amounts to 44 billion, with the rest of the sum provided by Musk himself and a large number of investment funds and companies. Among them can be found Binance, the biggest crypto trading platform, whose CEO Changpeng Zhao (CZ) had previously promised to commit $500 million to fund the deal.

This week, CZ said he thinks he will stick with Elon Musk’s proposed $44 billion buyout.