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HedgeCo.Net \u2014 Blackstone Private Credit Fund priced $750 million of 6.200% notes due November 15, 2031 on August 17, with settlement set for August 19 on a T+2 basis. The free-writing prospectus put the issue price at 98.966% of principal, a 6.428% yield to maturity, and a spread of 205 basis points over the 4.375% Treasury due July 31, 2031. SQX Alts, writing from that disclosure, confirmed the coupon, size, yield, and spread. Expected ratings were Moody\u2019s Baa2 stable and S&P BBB- positive.<\/p>\n
Interest is due each May 15 and November 15, first payment May 15, 2027. The par call is October 15, 2031, one month before maturity. Before that date the fund may redeem at the greater of par or the discounted remaining payments through the par call, using the applicable Treasury rate plus 35 basis points, plus accrued interest. On or after the par call, redemption is at par plus accrued. Denominations start at $2,000.<\/p>\n
This is unsecured term debt on a perpetual-life BDC, not a CLO and not an equity raise. SQX noted a wide dealer group including Wells Fargo, Citigroup, Goldman Sachs, RBC, and SMBC as joint books, with Blackstone Securities Partners among co-managers. Bloomberg, as relayed by secondary outlets, said the $750 million was upsized from a roughly $500 million target. That upsize figure is single-source. The priced size in the SEC term sheet is $750 million.<\/p>\n
For private-credit allocators the diligence is the funding stack, not the coupon rhyme with other 6% BDC paper this week. Fixed-rate unsecured notes through 2031 convert revolver and floating liability into a known cost of funds against a book that is still mostly floating-rate loans. S&P at BBB- with a positive outlook is the lowest investment-grade rung. Moody\u2019s at Baa2 stable is one step higher. Those are expected ratings on the term sheet, not a completed surveillance action.<\/p>\n
The second-order read is term funding in a week of BDC issuance, not a statement about direct-lending spreads. Allocators should mark $750 million as the priced principal, 6.428% as the yield to maturity, and 205 basis points as the Treasury spread. Do not headlinable a $500 million target that sits in one wire. Do not treat settlement as a NAV event. The print is how the largest perpetual BDC termed a slice of its unsecured stack on August 17.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Blackstone Private Credit Fund priced $750 million of 6.200% notes due November 15, 2031 on August 17, with settlement set for August 19 on a T+2 basis. The free-writ\u2026 Continue reading