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Notes -
Based on my limited professional experience as a risk manager covering lending to private equity deals, I would say that lenders have no meaningful input into management decisions at PE-owned companies as long as they are not in financial trouble. The loans will have covenants (something like "Twitter needs to maintain free cash flow three times the interest on the senior debt and a book debt-to-assets ration of less than 75%") with a provision to call the loans (which would require Musk to put in further billions of his own money to replace them with equity or put Twitter into Chapter 11 with the likely result of the banks ending up as the main equity holders) if they are breached. What usually happens if a PE-owned company breaches covenants is that the lenders (who don't want to become owners) use this right as leverage to take a closer look at the business and decide if they think it is salvagable. Given Musk's negotiating power viz-a-viz the banks, I assume the covenants on this deal will not be binding unless Twitter gets into very serious trouble.
The other equity contributors have whatever rights they negotiated (default is that Musk gets what he wants as majority owner). Non-selling existing shareholders like the Saudis have a weak negotiating position so they almost certainly have no control rights at all.
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