Business Context and Reporting Period
This Form 8-K filing by Blackstone Secured Lending Fund (BXSL) reports a significant capital event dated March 4, 2025. The Fund, a Delaware corporation listed on the New York Stock Exchange, entered into an Eighth Supplemental Indenture with U.S. Bank Trust Company, National Association.
Key Financial Metrics and Transaction Details
- Debt Issuance: $500,000,000 aggregate principal amount of 5.300% Notes due 2030.
- Interest Rate: 5.300% per annum, payable semi-annually on June 30 and December 30, commencing June 30, 2025.
- Maturity Date: June 30, 2030.
- Redemption: Notes may be redeemed in whole or in part at the Fund's option at redemption prices set forth in the Indenture.
- Security Status: General unsecured obligations ranking senior to subordinated debt, pari passu with other unsecured debt, effectively junior to secured debt, and structurally junior to subsidiary indebtedness.
- Underwriters: Wells Fargo Securities, Goldman Sachs, Morgan Stanley, and SMBC Nikko Securities.
Material Changes
The primary material change is the expansion of the Fund's debt capital structure through the issuance of the new 2030 Notes. This transaction closed on March 4, 2025, following the filing of a preliminary prospectus supplement and pricing term sheet on February 27, 2025. The filing does not provide comparative financial metrics (revenue, profit, cash flow) as this is a current report regarding a specific event rather than a periodic financial statement.
Guidance, Covenants, and Risks
- 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)(1) and (2), regardless of whether the Fund is currently subject to those requirements.
- 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.
- Change of Control: In the event of a "change of control repurchase event," the Fund is generally required to offer to purchase outstanding Notes at 100% of the principal amount plus accrued and unpaid interest.
- Unusual Items: None reported in this filing.
Investor Verification Checklist
- Verify the full text of the Eighth Supplemental Indenture (Exhibit 4.2) for specific redemption price schedules and limitations on covenants.
- Confirm the use of proceeds from the $500 million issuance in subsequent periodic reports (e.g., Form N-CSR).
- Monitor the Fund's asset coverage ratio to ensure continued compliance with Investment Company Act requirements.
- Review the Underwriting Agreement (Exhibit 1.1) for details on underwriting discounts and commissions.