Business Context and Reporting Period
Blackstone Secured Lending Fund filed a Current Report on Form 8-K covering an event dated May 24, 2021. The filing reports an unregistered sale of equity securities under Item 3.02.
Equity Offering and Key Financial Information
- The Fund delivered capital drawdown notices for approximately 13,885,821 common shares.
- The aggregate offering price was approximately $357 million.
- The sale was expected to close on or around June 8, 2021.
- Shares were issued pursuant to subscription agreements under which investors fund drawdowns up to their respective capital commitments on an as-needed basis.
- Investors generally receive at least 10 business days’ notice, unless a shorter period is agreed in the applicable subscription agreement.
Material Changes Versus Prior Period
The filing does not provide comparative-period financial statements or disclose changes in revenue, profit, cash flow, margins, debt, liquidity, or net asset value.
Offering Structure, Outlook, and Risks
- The issuance was intended to qualify for an exemption from Securities Act registration under Section 4(a)(2) and Regulation D.
- The Fund relied in part on investor representations that each investor was an accredited investor.
- The Fund stated that it did not engage in general solicitation or advertising and did not offer the securities to the public.
- The filing does not provide management guidance, operating outlook, contingencies, or unusual items beyond the equity drawdown transaction.
Investor Verification Points
- Confirm the final closing date and the actual number of shares issued.
- Verify the final proceeds received and the resulting effect on shares outstanding and net asset value per share.
- Review the related subscription agreements and capital commitments, including applicable funding notice periods.
- Confirm the availability and applicability of the Section 4(a)(2) and Regulation D exemptions.