No official SEC filings have appeared yet (late on Tuesday evening), but if this is accurate, it is plainly material.
The lenders had, collectively. . . previously, suggested some skepticism about whether Musk would go forward, given that he is in the midst of Delaware litigation (with the Twitter board) that seeks to compel him to close on the original price and structure -- in short, to enforce the contract he signed (which until a few weeks ago, he was obviously and loudly resisting). [But to be clear, the lending commitments expiring would not be a good reason to abandon the deal, if Musk caused the expiration -- by foot-dragging.]
Here's how Bloomberg puts the state of the play, at midday today:
. . .Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter.
The banks, which are providing $13 billion of debt financing, 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, said the people, who asked not to be named discussing a private transaction. . . .
The original acquisition agreements recited a deadline for the deal, under which the lenders' commitments would (by contract) expire, if the deal hadn't closed -- by end of October 2022.
Thus, this may all go right down to the wire, then -- maybe even into the late afternoon hours Eastern, on Halloween -- the 31st. We shall see.
नमस्ते
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