Blackstone Secured Lending Fund current report, 20 April 2021

Business Context and Reporting Period

Blackstone Secured Lending Fund filed a Form 8-K dated April 20, 2021 under Item 8.01, Other Events. The filing concerns the pricing of a private debt offering; it does not report quarterly or annual operating results.

Financing and Key Financial Metrics

ItemDetails
New issuance$300 million aggregate principal amount of 2.750% notes due 2026
Issue price100.739% of face value, plus accrued interest from March 16, 2021
Effective yield to maturity2.600%
Existing comparable notes$400 million aggregate principal amount of 2.750% notes due 2026
Expected closingApril 27, 2021, subject to customary closing conditions
Cash flow, revenue, profit and marginsThe filing does not provide operating revenue, profit, cash flow, margin or liquidity balances.

Material Changes Versus the Prior Comparable Period

The Fund priced an additional $300 million of notes with terms identical to its existing 2.750% notes due 2026, except for the issue date and issue price. The filing does not provide a prior-period income statement, balance sheet or cash flow comparison.

Use of Proceeds, Outlook and Risks

Expected net proceeds may be used to repay indebtedness, including borrowings under revolving credit facilities; make investments in portfolio companies consistent with the Fund’s investment objectives; and fund general corporate purposes of the Fund and its subsidiaries.

The offering was sold privately to persons reasonably believed to be qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S. The notes were not registered under the Securities Act or state securities laws.

Forward-looking statements regarding the offering’s closing and future events are subject to economic conditions, pandemic-related or other operational disruptions, terrorism, natural disasters, and changes in laws or regulations. The Fund states that actual results may differ materially and undertakes no obligation to update such statements.

Investor Verification Items

  • Verify that the offering closed on or about April 27, 2021 and confirm the final amount issued.
  • Review subsequent filings to determine how proceeds were allocated between debt repayment, portfolio investments and general corporate purposes.
  • Assess the Fund’s total debt, revolving credit facility utilization, liquidity and compliance with applicable covenants after the issuance.
  • Review the governing indenture and supplemental indenture for terms, covenants, security and ranking of the notes.
  • Consider the risks associated with the notes’ private-placement status and transfer restrictions.