Business Context and Reporting Period
This Form 8-K Current Report was filed by The Blackstone Group L.P. on April 8, 2011. The filing discloses the entry into a material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin data. The primary financial metric disclosed relates to the company's debt structure:
- Credit Facility Size: $1.020 billion revolving credit facility.
- Borrower: Blackstone Holdings Finance Co. L.L.C. (an indirect subsidiary).
- Guarantors: Blackstone Holdings I L.P., II L.P., III L.P., and IV L.P.
- Administrative Agent: Citibank, N.A.
Material Changes Versus Prior Period
On April 8, 2011, the company executed the "First Amendment" to its existing Credit Facility. The material changes include:
- Maturity Extension: The maturity date was extended from March 23, 2013, to April 8, 2016.
- Pricing Structure: A corporate ratings-based pricing grid was added to determine the commitment fee and interest rate margin.
- Capacity: The aggregate amount of borrowings available remains unchanged at $1.020 billion.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation by reference of the amendment terms. The document notes that the summary of terms is qualified in its entirety by the full text of the First Amendment filed as Exhibit 10.1.
Key Facts for Investor Verification
- Verify the specific terms of the new corporate ratings-based pricing grid in Exhibit 10.1 to understand potential interest rate impacts.
- Confirm the current utilization rate of the $1.020 billion facility to assess immediate liquidity needs.
- Review the full text of the First Amendment for any covenants or conditions not summarized in this report.