Business Context and Reporting Period
This Form 8-K filing by Blackstone Secured Lending Fund (NYSE: BXSL) reports a material event occurring on March 3, 2026. The filing details the execution of a Tenth Supplemental Indenture to facilitate a new debt issuance.
Key Financial Metrics and Transaction Details
- Debt Issuance: $400,000,000 aggregate principal amount of 5.250% Notes due 2029.
- Interest Rate: 5.250% per annum, payable semi-annually on March 4 and September 4.
- First Interest Payment: September 4, 2026.
- Maturity Date: September 4, 2029.
- Redemption: Notes may be redeemed in whole or in part at the Fund's option at specified redemption prices.
- Security Status: General unsecured obligations ranking senior to subordinated debt, pari passu with other unsecured debt, and effectively junior to secured indebtedness.
Material Changes
The primary material change is the expansion of the Fund's capital structure through the issuance of the new Notes. The Fund entered into a Tenth Supplemental Indenture with U.S. Bank Trust Company, National Association, to govern these securities. The transaction closed on March 3, 2026, following the filing of a Registration Statement on Form N-2 and a pricing term sheet on February 26, 2026.
Guidance, Risks, and Covenants
- Covenants: The Indenture requires compliance with asset coverage requirements under Section 18(a)(1)(A) of the Investment Company Act of 1940, as modified by Section 61(a).
- Change of Control: In the event of a "change of control repurchase event," the Fund must offer to purchase outstanding Notes at 100% of the principal amount plus accrued and unpaid interest.
- Reporting Obligations: The Fund must provide financial information to Note holders and the Trustee if it ceases to be subject to reporting requirements under the Securities Exchange Act of 1934.
- Financial Performance: The filing text does not provide specific values for revenue, profit, cash flow, margins, or liquidity metrics for the reporting period.
Investor Verification Checklist
- Verify the full text of the Tenth Supplemental Indenture (Exhibit 4.2) for specific limitations and exceptions to covenants.
- Review the Underwriting Agreement (Exhibit 1.1) to confirm underwriting fees and terms.
- Confirm the Fund's current asset coverage ratio to ensure compliance with the Investment Company Act requirements referenced in the Indenture.
- Check subsequent filings for the actual use of proceeds from the $400 million issuance.