Blackstone Private Credit Fund has issued $750 million in aggregate principal amount of senior unsecured notes as the nontraded business development company continues to access the institutional debt markets. The 6.20% notes were issued on August 19, 2026, and will mature on November 15, 2031.
The notes were priced at 98.966% of their principal amount, resulting in a 6.428% yield to maturity and a spread of 205 basis points over the applicable U.S. Treasury benchmark. Interest will be paid semiannually on May 15 and November 15, beginning May 15, 2027. Offering materials listed expected ratings of Baa2 with a stable outlook from Moody’s and BBB- with a positive outlook from S&P.
Blackstone Private Credit Fund may redeem some or all of the notes before October 15, 2031, subject to a make-whole provision. On or after that date, the fund may redeem the notes at 100% of their principal amount, plus any accrued and unpaid interest. The notes were issued under Blackstone Private Credit Fund’s existing base indenture through a supplemental indenture with U.S. Bank Trust Company, National Association, serving as trustee.
The transaction provides the fund with fixed-rate financing extending beyond five years. For a private credit vehicle, access to unsecured debt can help diversify funding sources and reduce reliance on secured credit facilities, although the new issuance also adds to the fund’s interest expense and overall debt obligations.
